Record S&P, Bitcoin at $50K; What’s Next?

Record S&P, Bitcoin at $50K; What’s Next?

3 min read

Jeremy Szafron, Anchor at Kitco News, engages in a conversation with Gary Wagner, Editor of They delve into Wagner’s technical analysis concerning Bitcoin’s surge beyond $50,000 and a record S&P 500’s crossing the 5,000 mark, dissecting the indicators that heralded these advancements and persistent levels of resistance. Wagner offers keen insights on Gold and Silver, referencing prevailing chart patterns and market dynamics, offering a meticulous analysis of the potential implications of these trends on the future of financial markets.

For a brief summary of the video’s key insights, continue reading, or watch the complete interview here:

Bitcoin Price Hits $50,000 and Technical Analysis

Jeremy: Bitcoin’s recent surge past the $50,000 mark has been a headline grabber, with analysts attributing part of this rally to the launch of spot Bitcoin ETFs. Can you walk us through the technical indicators that signalled this bullish trend?

Gary: What’s interesting is when we look at the high coming in just above $50,000 (refers to chart) we can see that it has surpassed the high that came in in November and then, towards the left we’ve got these record highs, this being the record high at around $65,000. So, on our weekly we have definitely seen a massive breakout in the last two weeks, and it has a lot to do with the ETF that was just enacted. There was an outflow at first and now money seems to be going back into digital currency.

Jeremy: How significant is this movement in context of Bitcoin’s historical performance?

Gary: In terms of the historical performance, we have surpassed every high except the high that came back in November of 2021. The previous high was in March, so these are record highs. From there we had a long and protracted correction in the market actually trading to a low of about $15- 16,000 and this is back in December of 2022.

Jeremy: Given the ETF’s role in this rally, what future trend should we be on the lookout for in the crypto market, especially as we approach Bitcoin halving in April?

Gary: We’re looking at a daily chart where each of these candles represents a single day. There is also a Japanese study where we look at these clouds and this is our breakout. What we basically have in terms of a candlestick pattern is a continuation pattern that has occured now for four consecutive days. According to Japanese technical analysis this continuation pattern is signalling that higher prices most likely are ahead, so we haven’t hit the peak of this rally.

Jeremy: According to your analysis, you say that $50,000 might not be where we lie down today?

Gary: In terms of how much higher it could go based on technical studies, looking at where it has been in the past, it is strong and certainly has more upside potential. In terms of a market technician the best we can offer is to look to see how high a market traded at a previous time point and if it’s in an uptrend, those are the areas we would look at for potential resistance, but we certainly have a breakout here.

Watch this revealing video now as Gary shares his Bitcoin knowledge and lots more valuable information in this interesting chat with Jeremy!


Stay informed with our Bi-Weekly Pulse for the latest crypto and blockchain news.

Get access to the week’s most interesting reads, stats and find out about the most recent trends in the cryptocurrency market.