The Bitcoin Price Reclaims $42,000 Level
The Bitcoin price has surged and reclaimed the $42,000 level for the second time in as many days, indicating a positive turn for the market leader. CoinGecko data shows that Bitcoin has gained a 1.1% profit on the weekly timeframe.
However, concerns arise as outflows from the Grayscale BTC ETF (GBTC) continue. This raises fears of ongoing bearish pressure among investors. Despite this, a well-known crypto analyst suggests that the price correction is now over.
BTC Price Predicted to Reach $48,000 Again
In his latest YouTube video, analyst Michael van de Poppe declares that he believes the Bitcoin price correction has ended. After reaching a multi-month high at around $49,000 on January 11, Bitcoin experienced a nearly 10% decline.
While many attribute this dip to investors selling their shares in the Grayscale Bitcoin Trust, van de Poppe argues that it is just one negative event that gains attention during a correction. He also mentions Mt. Gox’s recent payout of 200,000 BTC to its clients as another such incident.
With selling pressure easing, van de Poppe speculates that Bitcoin may have one more run to $48,000 before the halving event. He expects the Bitcoin price to range between $37,000 and $48,000 in the coming months and predicts a positive run for altcoins during this period.
Possible Trip Down to $30,000 but Unlikely
Van de Poppe acknowledges the possibility of a market leader retracement to $30,000 but considers it unlikely due to the crypto market’s tendency not to move in line with popular sentiment.
Bitcoin Price Update
Currently, the Bitcoin price is at $42,124, representing a 0.7% increase in the past day. With a market capitalization of over $826 billion, BTC remains the largest cryptocurrency in the market.
Hot Take: Bitcoin Gains Momentum as Analysts Predict Further Upside
The Bitcoin price has shown resilience by reclaiming the $42,000 level, indicating a positive trend for the cryptocurrency. Analyst Michael van de Poppe believes that the price correction is over and predicts another run towards $48,000. While there may be a slight possibility of a retracement to $30,000, it is unlikely given the market’s behavior. The current price stands at $42,124 with a 0.7% increase in the past day. As Bitcoin gains momentum, it will be interesting to see if it can surpass previous highs and continue its upward trajectory.
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