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An analyst who is quite popular in the cryptocurrency markets claims that Bitcoin (BTC) has officially entered the bull market zone and is ready for a rise towards $50,000.
Bullish Period for BTC
Michael van de Poppe, closely followed by investors, stated on X that the leading cryptocurrency Bitcoin could experience a bull market in the near future.
Van de Poppe predicts that Bitcoin will rise to $50,000 in the coming months, witness a correction, and reach its all-time high (ATH). The expert analyst stated the following:
We will see that Bitcoin’s resistance is at $38,000, but most likely we will continue to progress between $45,000 and $50,000 before the halving. After that, we will consolidate and move sideways for a long time before starting to make new ATHs.
$50,000 Target for Bitcoin!
Looking at the chart shared by the analyst with his followers, it is predicted that Bitcoin will reach $50,000 in January 2024, a few months before the halving event. According to historical data, the halving that coincides with Bitcoin bull runs reduced the rewards for BTC miners and is planned for April 2024.
Van de Poppe currently suggests that Bitcoin is in the middle of a consolidation period and that a drop below $33,000 is still possible. The senior analyst concluded his statements with the following:
Technically, Bitcoin is forming a range here. There was a slight correction towards $33,300, which was quickly bought up. If the lower limits are reached, it will likely signal a downward trend in sentiment, but it will also indicate a significant long opportunity.
