Bitcoin broke out of a narrow trading range and wiped away this year’s losses amid a broad rally for cryptocurrencies, sparking speculation that the biggest digital asset could advance past the $50,000 mark soon.
The token rose as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.9% for the year, compared with a 4.7% decline for the S&P 500. Ether similarly bounced as much as 3.7% to $3,358 on Monday, while altcoins such as Solana’s SOL, Avalanche’s AAVE and Dogecoin rose between 5.5% and 9.4%.
Bitcoin may encounter its next resistance level at $52,000 and should it break through that, it could advance to $65,000 — not far off the all-time high it reached in November, according to Fadi Aboualfa, head of research at Copper. Rick Bensignor, the president of Bensignor Investment Strategies, said in a note Sunday that Bitcoin is “on the verge of a 20% run higher.”
