Bitcoin Soars Past $32K as Analysts Predict Rally to $47K

Bitcoin's price surged above $32,000 and briefly touched $35,000 on Tuesday.

Technical analyst Julius de Kempenaer says bitcoin could reach $47,000-$48,000 by end of year based on current momentum.

There is increased activity and participation in the crypto market, with 24-hour trading volume up 97% in the past week.

Bitcoin's dominance ratio jumped to about 54% of the total crypto market cap, the highest since April 2021.

Analysts say enthusiasm for bitcoin seems to be returning as it breaks out above the $20,000-$30,000 consolidation range of the past 18 months.