In a significant upward trend, Bitcoin has extended its gains for the fifth straight day, advancing beyond the $47,000 level in early Friday trading sessions. The crypto market is in action mode as traders and investors are oozing with renewed optimism.

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• Bitcoin has been doing well for five days in a row, reaching over $47,000 because people in the market are feeling positive.
• CoinDesk 20 Index sees a 4% rise, while analysts predict Bitcoin could reach up to $55,000 before the April halving event.
• Institutional traders remain cautious, with a JPMorgan survey indicating 78% are unlikely to trade cryptocurrencies in the next five years.

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Bitcoin Approaches $50,000 Amidst Optimistic Trading Conditions

Reflecting the upbeat mood, the CoinDesk 20 Index (CD20), a measure of the top 20 cryptocurrencies by market capitalization, has risen by 4%. This upswing coincides with the Lunar New Year celebrations in East Asia, where the Year of the Dragon is being welcomed with enthusiasm. The dragon represents power and riches in the Chinese culture and so it resonates with the crypto fanatics. Maybe enough of that is what is propelling the bullish market.

Some believe that this recent rally could see Bitcoin nearly hitting $50,000 by the weekend. There are even projections of a climb to between $53,000 and $55,000 before the much-anticipated Bitcoin halving event slated for April, which will halve the rewards for mining new coins.

In the corporate arena, the positive waves in the crypto market have led to significant pre-market gains for related companies. CleanSpark (CLSK), a Bitcoin mining company, has seen its stock price soar by nearly 20% following a profitable first-quarter report. Similarly, Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) have enjoyed increases of 7% and 8%, respectively, ahead of the opening bell.

Brokerage firm Bernstein, in a recent report, identified mining stocks as a strategic choice for those looking to invest in Bitcoin ahead of the halving event. They particularly recommended CleanSpark and Riot Platforms as prime stock selections.

Despite the current bullish trend in the cryptocurrency market, a survey by banking giant JPMorgan has highlighted a cautious stance among institutional traders. The survey found that 78% are not planning to trade cryptocurrencies within the next five years, and interest in blockchain and distributed ledger technology (DLT) as influential future technologies has waned compared to previous years.

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