A widely followed crypto analyst believes that Bitcoin (BTC) has officially entered bull market territory and is now poised for a rally towards $50,000.
Trader Michaël van de Poppe tells his 669,700 followers on the social media platform
Van de Poppe predicts that Bitcoin will rise as high as $50,000 in the coming months before witnessing a pullback and rising to a new all-time high (ATH).
“I think we will see Bitcoin resistance at $38,000, but most likely we will continue towards $45,000-$50,000 before the halving.
Then consolidation and lateral action for a long period of time before we start making new ATHs.”
Looking at the trader’s chart, he seems to predict that Bitcoin will reach $50,000 in January 2024, a few months before BTC’s halving.
The halving, which has historically coincided with Bitcoin’s bull runs, halves BTC miners’ rewards and is scheduled for April 2024.
For now, Van de Poppe thinks Bitcoin is in the middle of a consolidation period and that a dip below $33,000 is still on the table.
“Bitcoin is technically building a reach here.
Small correction towards $33,300 and quickly bought up.
If the lower limits are reached, sentiment will likely turn bearish ($32,800), but that would signal a great long opportunity.”
At the time of writing, Bitcoin is worth $34,497.
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Generated image: Midjourney