After Bitcoin‘s price surpassed $52,000 and slightly retracted, speculation arose about when it would reach that level again. In the meantime, cryptocurrency analysts continue to share their opinions one after another. Notable analyst Gert van Lagen expressed an optimistic price forecast for mid-April, suggesting that BTC could reach up to $200,000.
Deciphering Bitcoin and Market Indicators
According to Lagen, Bitcoin’s price must visit the $200,000 level before the next halving. Lagen’s analysis is based on the market indicator known as the Fibonacci level, specifically surpassing the 78.6% level.
Offering a different perspective, the analyst emphasized that such a situation has not been seen in the past, especially not around the time when a halving event is anticipated.
Examining the Fibonacci metric, Lagen suggests that with only two months left until the halving, Bitcoin’s potential price increase could indeed be accurate. On the other hand, despite not looking very promising from the past month to last week, Bitcoin seems to have recovered.
Following the approval of a spot Bitcoin ETF last month, Bitcoin’s price climbed to $49,000 and later dropped to $38,500. However, the rise that started last week indicated a reversal of the situation.
This week, BTC’s price first exceeded the $50,000 level and visited the $52,000 level for the first time in approximately 2.5 years. The surge was attributed to significant entries into the Bitcoin ETF.
Bitcoin Price Exceeds $52,000
Bitcoin, which last saw the $50,000 level in December 2021, has once again surpassed this mark. In recent days, Bitcoin left the $50,000 level behind, strengthening the bullish outlook of the market. As of the time of writing, BTC’s price found buyers at $51,695 following a 4.74% increase over 24 hours.
Furthermore, BTC’s 24-hour trading volume has seen an increase of over 7%, approaching the $39 billion mark. Bitcoin’s market capitalization continues to maintain the $1 trillion level it reached at noon today.
Some analysts also point to the pre-halving period when making predictions about Bitcoin’s price, sharing views similar to Lagen’s. Last week, well-known figure in the cryptocurrency world Michaël van de Poppe suggested that Bitcoin could experience sharper rises during the pre-halving period in March.
