Bitcoin‘s (BTC) price has recently garnered significant attention as it approaches the $50,000 level due to a weekly upward trend. Top crypto analyst Michael van de Poppe turned to X to emphasize Bitcoin’s impressive trajectory and drew attention to the recent break above the $48,000 barrier.
Bitcoin Faces Critical Resistance
The renowned crypto analyst pointed out Bitcoin’s price resistance, highlighted by a massive weekly candle that pushed Bitcoin above $48,000. He expressed his interest in seeing what the price will do around $50,000 in the next 1-2 weeks, underscoring the critical resistance level Bitcoin is facing. The expectation for Bitcoin’s price movement is intensifying with the Bitcoin halving event planned for April. Historically, halving events, which cut the new block mining reward in half and thus limit the new supply of cryptocurrency, have occurred before rises in Bitcoin’s value.
Michael Van de Poppe has set his sights on the $50,000 target for Bitcoin and linked his forecast to the impact of the halving event. The leading cryptocurrency Bitcoin’s price stands at $48,011, experiencing a slight decline of 0.36% in the last 24 hours. However, the week paints a more positive picture with an 11.19% increase in value. Bitcoin’s trading volume also saw a 7.08% increase in the last 24 hours, with a total of $20,347,457,133 circulating in transactions.
Coinglass’s BTC Report
Additionally, the latest statistics from CoinGlass show that Bitcoin saw liquidations totaling $31.48 million the previous day. This figure includes $18.59 million in long liquidations and $12.90 million in short liquidations. This indicates that Bitcoin investors are showing mixed reactions to the current market conditions.
The crypto community is closely monitoring Bitcoin’s performance as it approaches the $50,000 threshold. With the halving event on the horizon, many are optimistic about the potential for further gains. However, as with any investment, especially in the volatile crypto market, risks persist, and investors are advised to conduct thorough research and consider their risk tolerance before making decisions.