A widely followed crypto analyst believes that Bitcoin (BTC) has officially entered bull market territory and is now primed for a rally toward $50,000.
Trader Michaël van de Poppe tells his 669,700 followers on the social media platform X that the “Bitcoin bull market is here.”
Van de Poppe predicts that Bitcoin will rally to as high as $50,000 in the coming months before witnessing a pullback and surging to a new all-time high (ATH).
“I think we’ll see Bitcoin hit resistance at $38,000, but most likely we’ll continue toward $45,000-$50,000 pre-halving.
After that, consolidation and sideways action for a long period before we start making new ATHs.”
Looking at the trader’s chart, he appears to predict that Bitcoin will see $50,000 in January 2024, a few months ahead of BTC’s halving event.
The halving, which has historically coincided with Bitcoin bull runs, slashes BTC miners’ rewards in half and is slated for April 2024.
For now, Van de Poppe thinks that Bitcoin is in the midst of a consolidation period and a dip below $33,000 is still on the table.
“Bitcoin technically constructing a range here.
Slight correction towards $33,300 and quickly bought up.
If the lower boundaries are reached, probably sentiment will flip bearish ($32,800), but that would signal a great long opportunity.”
At time of writing, Bitcoin is worth $34,497.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney