“Bitcoin’s meteoric rise to $50,000 before its halving event promises a thrilling new chapter for the cryptocurrency market, as predicted by a seasoned crypto expert.”
Bitcoin has experienced a significant surge in recent weeks, breaking past the $34,000 mark. This rally has been driven by renewed optimism in the market, as there are growing expectations of the SEC’s approval of a Bitcoin exchange-traded fund (ETF) in the US. With this resurgence, the crypto community is buzzing with speculation about what lies ahead for Bitcoin.
Renowned crypto expert Michaël van de Poppe has offered his insights on Bitcoin’s future. According to Poppe, the next major resistance point for Bitcoin is at $38,000, where sellers could gain momentum. However, Poppe still believes that Bitcoin will surpass this barrier and surge as high as $45,000 to $50,000 before the next halving event, projected to occur in April 2024.
Poppe predicts that Bitcoin’s price rallies won’t end there. He expects the cryptocurrency to enter a period of consolidation and sideways action before skyrocketing and making new all-time highs (ATHs). This anticipated surge is based on the reduction in Bitcoin’s supply during halving events, coupled with increasing demand from investors.
While Bitcoin goes through this consolidation phase, Poppe suggests that the altcoin market may show strength. Another analyst, known as TradingShot, has offered an even more bullish prediction, stating that Bitcoin could surge as much as 310% and reach $100,000 by January, May, July, or October 2024, based on historical data and previous rally timings.
At the time of writing, Bitcoin is trading at $34,389, showing a 0.39% increase over the past 24 hours. It has risen by more than 12% in the last week and approximately 27.5% on a monthly basis, adding around $145 billion in market capitalization during that period.
As always, it’s important to note that investing in cryptocurrencies carries risks, and this content should not be considered investment advice.