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 social media platform
“Bitcoin is expected to reach $45,000-$50,000 before the halving, after which we will have a severe correction back to $32,000-$35,000 and consolidate from there.
Cycles repeat themselves and Bitcoin has suffered a lot in the last two years.”
As for Van de Poppe for the time being say the leading crypto asset by market cap is nearing resistance.
“Center resistance approaching for Bitcoin.
Anything between $38,000 and $40,000 is pretty much resistance and I don’t expect a breakout all at once.
Consolidation underneath is best, and the first test is usually not a breaker.
If a correction occurs -> time to position long.”
Van de Poppe too comments that two news stories today will likely send Bitcoin to a local top before being corrected.
“Bitcoin reaches resistance on higher timeframe at $38,000.
Ethereum Spot ETF (exchange-traded fund) Submission from BlackRock.
Both news reports calling for a temporary top and liquidation of long positions.
Dips are likely to occur, make sure you use these dips for submissions.
BTC is worth $36,050 at the time of writing, up 4.3% from a week ago.
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Featured image: Shutterstock/Tharin kaewkanya/Andy Chipus