Top crypto traders explain why Yearn.finance may top $50K soon

As Bitcoin price slowly recovered, YFI price increased by over 100% since Sept. 9 and many analysts now believe the token will make a run at the $50K mark soon.

What's behind YFI's surge? The confluence of strong technicals, new products, yield farming and the growing popularity of DeFi liquidity pools likely fueled YFI's surge.

Prior to the rally, the price of YFI was relatively stable above $20,000, which is close to its macro support level at $19,500.

Finance, combined with new product launches are contributing to the optimism around YFI.Technical analysts have said that when YFI surpassed $34,650, it already established a new bullish market structure.

One pseudonymous trader known as "Benjamin Blunts" said before the rally above $40,000 that YFI would likely reach new highs near $50,000.

"YFI closing the daily above $34,650 is very significant in my opinion, 47 mins to go. But if we do, I think we're going to all-time highs again and 50k next. I wanted a bigger dip to add but at this stage, I do not think I'm going to get it."

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, also said YFI could potentially have a $75,000 target.

If YFI surpasses $50,000, traders forecast YFI to test the $70,000 level.

Momentum strengthened after Coinbase announcementOn Sept. 11, Coinbase announced that it would list YFI on Coinbase Pro, allowing users to trade YFI by Sept. 14.

Almost immediately after the listing, the price of YFI rose by 20% and the price has bounced around the $40K level since.