Michaël van de Poppe, one of the leading analysts in the cryptocurrency world, made a very optimistic prediction about the Bitcoin (BTC) price. According to Van de Poppe, Bitcoin has officially entered bull market territory and a rally towards the $50,000 level is expected in the coming months. This appeared to be an exciting prediction among cryptocurrency investors. Here are the details…
To Van de Poppe according to, Bitcoin has officially entered the bull market zone. A bull market represents a period when prices are generally rising and investors are optimistic. Therefore, Bitcoin entering a bull market could be an exciting development for investors.
According to the analyst, Bitcoin is likely to surge towards the $50,000 level in the coming months. However, a retreat is expected to occur after this rise. Van de Poppe predicts that Bitcoin will reach its all-time high (ATH) after this pullback.
“I think Bitcoin will reach the resistance level at $38,000, but we will most likely continue to move between $45,000 and $50,000 before the halving. From now on, it will engage in consolidation and sideways movements for an extended period of time before starting to reach new ATHs.”
According to the chart he shared, the analyst seems to predict that Bitcoin will hit $50,000 in January 2024, a few months before the halving event.
Bitcoin’s halving event is an event that occurs every four years in which the reward amount is halved. This could lead to Bitcoin’s supply decreasing and its price potentially rising. The next halving event is expected to occur in April 2024.
For now, Van de Poppe thinks Bitcoin is in the middle of a consolidation period and a drop below $33,000 is still on the table.
“Bitcoin is technically forming a range here. There was a slight correction towards $33,300 and it was quickly bought. “If the lower bounds are reached, sentiment will likely turn bearish ($32,800), but this will indicate a large long opportunity.”
At press time, Bitcoin is trading at $34,406.
You can follow the current price movement here.