Bitcoin has increased its value for quite some time

Will we see a recovery? Since we had to see an increase in its price since May 2021.

Of course, it has a lot of competition.

"The institutional world is wary of stocks, which makes cryptocurrencies look very attractive," said analyst Edward Moya.

The world's largest cryptocurrency based on market value has risen 6% in the last 24 hours and has broken the $ 48,000 mark for the first time since May. At the time of writing, Bitcoin was trading at $ 48,619, according to TradingView.

The recent price rally is yet to be indicative of a massive jump, according to Konstantin Anissimov, CEO of crypto exchange CEX. IO. However, he said that if more buyers "dive" to push the price above the $ 50,000 level, there could be a frenzy to move the price towards the $ 55,000 target.

"The next big resistance, at the moment, is in the $ 50,000 zone," Anissimov said.

"The institutional world is wary of stocks, and that makes cryptocurrencies look very attractive," said Edward Moya, senior market analyst at Oanda. 

According to Moya, Wall Street does not appear to be worried about an outbreak from the US Federal Reserve next week, helping the cryptocurrency continue to rise rapidly.

"If its bullish momentum stays strong and Fed Chairman Jerome Powell pours cold water on declining asset markets next week, Bitcoin could be on the rise to $ 52,500 by the end of next week," he added.

Quantum Economics technical analyst Imran Yusof said Bitcoin would clear resistance at $ 49,800 and remain above that level "before we can rate it as some breakthrough."

"If it does not clear at $ 49,800, then Bitcoin may simply fall to support at $ 45,000," Yusof said. However, he added that this fall will happen, and this bullish feeling remains strong.

The second-largest cryptocurrency based on capitalization, Ether, also records profits. With an increase of 7% in the last 24 hours, Ether was trading at $ 3,227 when writing this article.

Foreign exchange (ETP) commodity trading in other currencies such as Solona, ​​Polkadot, Cardano, and Ether also took place this week, according to Laurent Kssis, 21Shares' CEO at ETP.

"The return on these currencies is attributed to the rise of Bitcoin, which could see a return to $ 50,000," Kssis said.