Bitcoin (BTC<\/a>) neared $50,000 on Dec. 22 as hopes began to appear that the price correction could be over.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD hitting highs of $49,600 on Bitstamp \u2014 its highest since Dec. 13.<\/p>\n A cross-crypto boost<\/a> from turmoil in the Turkish lira Monday lingered in spirit as Bitcoin and altcoins stayed higher, with attention now focusing on the new year and price levels above $50,000.<\/p>\n The first breakthrough has happened on Bitcoin. But, we still need to break enough levels to state that we’re bullish,” Cointelegraph contributor Micha\u00ebl van de Poppe declared<\/a> overnight. <\/p>\n “Overall, a breakthrough at $50.5-51.5K and I’m convinced. Also, 2022 should become a great year overall.”<\/p><\/blockquote>\n #BTC<\/a> <\/p>\n Well look what we have here ladies and gentlemen.<\/p>\n Our first green bar has appeared!<\/p>\n Now we need to make sure this potential reversal doesn’t confirm. If the next bar does not confirm the reversal, then we should continue the breakout of the descending triangle ✅ https:\/\/t.co\/MrbkrAqyXh<\/a> pic.twitter.com\/OliTqKrafx<\/a><\/p>\n \u2014 John Wick (@ZeroHedge_) December 21, 2021<\/a><\/p><\/blockquote>\n With $50,000 constituting psychological resistance, others turned to on-chain metrics for further proof of underlying strength on Bitcoin.<\/p>\n Among them was fund manager Dan Tapiero, who noted bullish signals on the moving average convergence divergence (MACD) indicator in what has historically been a time to buy.<\/p>\n “Rallies start when least expected\/when tired bulls give up,” he summarized<\/a>.<\/p>\n MACD involves the relationship between two exponential moving averages on BTC\/USD, and a rebound from a downtrend has preceded price run-ups.<\/p>\n The last time the buy signal appeared was at the end of September, right before Bitcoin rose to top new all-time highs just over one month later.<\/p>\n In more encouraging signs for investors, altcoins began posting more significant daily gains through Wednesday.<\/p>\n Related:\u00a0Price analysis 12\/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE<\/a><\/em><\/strong><\/p>\n Ether (ETH<\/a>), the largest altcoin by market cap, maintained $4,000, while standout Terra (LUNA) was up 16% at the time of writing.<\/p>\n Ripple’s XRP token traded up 9%, with none of the top ten cryptocurrencies by market cap in the red.<\/p>\n “If I’d want to position myself well, I’d want to buy into crypto at this stage,” Van de Poppe added<\/a>. <\/p>\n “The sentiment is still not the best, while many altcoins are down a lot, some even 80% since their ATH. The adoption is even growing and price-wise, those coins are in heavy support zones.”<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/7f1e28c4-4329-40fa-8d62-dac7007b5112.png\")
Get bullish once $50,500 breaks \u2014 analyst<\/h2>\n
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Sentiment index almost doubles<\/h2>\n
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