Crypto Analyst Predicts Bitcoin Will Reach $50,000 Before Halving
A well-known crypto analyst has predicted that Bitcoin (BTC) could hit $50,000 before April 2024. According to trader Michaël van de Poppe, he anticipates that the leading crypto asset will experience a significant increase before correcting back to its current levels.
Van de Poppe says that he expects Bitcoin to reach $45,000-$50,000 prior to halving, followed by a substantial correction back to $32,000-$35,000 before consolidating at that level. He believes that Bitcoin is approaching pivotal resistance and may not immediately break out beyond the range of $38,000-$40,000. Instead, he suggests that it will consolidate below the resistance level and may eventually see a long position.
He also noted that two news stories are likely to drive Bitcoin to a local top before experiencing a correction: Bitcoin reaching a higher timeframe resistance at $38,000 and an Ethereum Spot ETF filing from BlackRock. He advises investors to take advantage of any dips in the market as opportunities for entries.
As of now, BTC is trading at $36,050, marking a 4.3% increase from a week ago.
Hot Take
In summary, Bitcoin is expected to experience significant growth in the near future but may face resistance in the short term due to certain market factors. Van de Poppe’s predictions suggest that investors should be prepared for potential price fluctuations and take advantage of opportunities as they arise.
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