Bitcoin is Back at $47,000, Will It Hit $50,000 Again?

Since May, Bitcoin prices have experienced some notable volatility, falling below $30,000 following the China crypto market crackdown and other factors as well.

However, the largest crypto by market cap touched $47,000 again on Friday as changing behavior continued to hint at the next bull run. Last two days, the crypto was trading at around $44,000. And this recent price surged triggered the crypto community to eye BTC at $50k and the next bull run.

While bitcoin fell to almost $43,000, it enjoyed a quick recovery, rising above $47,000 within a few days of hitting its monthly low. Since then, it has been swinging within a fairly tight range between $44,000 and $48,000.

This comes after a mixed weekend that saw both a run on $48,000 and a major rejection at that level. Thus, it hints that Bitcoin is already back, having made up all of its losses.

With situations vastly promising for continued strength, it may only be a matter of time before BTC hits $50k again and the next impulse move reshapes the BTC/USD spot market.

Yesterday, CEO and chief global strategist of Euro Pacific Capital Inc., Peter Schiff, admitted Bitcoin’s (BTC) price could rise to $100,000k. Therefore, he regrets not buying some in 2011.