A widely followed crypto analyst thinks Bitcoin (BTC) could reach $50,000 sometime before April 2024.
Crypto trader Michaël van de Poppe tells his 671,300 followers on the social media platform X that he expects the king crypto to make a major move up pre-halving before correcting back to current levels.
“It’s expected to see Bitcoin reach $45,000-$50,000 pre-halving, after which we’ll have a heavy correction back to $32,000-$35,000 and consolidate from there.
Cycles repeat themselves and Bitcoin has been suffering a lot the past two years.”
As for the time being, Van de Poppe says the leading crypto asset by market cap is approaching resistance.
“Pivotal resistance approaching for Bitcoin.
Anything between $38,000-$40,000 is pretty much resistance and I’m not expecting a breakout in one go.
Consolidation beneath is the best, and the first test isn’t usually a breaker.
If a correction occurs -> time to position long.”
Van de Poppe also remarks that two news stories today are likely to send Bitcoin to a local top before correcting.
“Bitcoin reaches a higher timeframe resistance at $38,000.
Ethereum Spot ETF (exchange-traded fund) Filing from BlackRock.
Both news items which call for a temporary top and liquidation of the long positions.
Dips are likely to happen, make sure to use those dips for entries.”
BTC is worth $36,050 at time of writing, up 4.3% from a week ago.
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