A widely followed crypto analyst believes that Bitcoin (BTC) is gearing up for a rally above $50,000 – but the move up will likely be followed by a long consolidation period.
In a new strategy session, analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that he thinks Bitcoin will rally to as high as $52,000 before the next halving.
The halving, which cuts BTC miners’ rewards in half, is slated for April 2024.
Although Van de Poppe has a bullish outlook on BTC in the coming months, he believes that Bitcoin will witness an extended consolidation period after the halving where the crypto king trades in a wide range without printing a new all-time high.
“Pre-halving [we’re] going to have a pump. After that, we’re going to have a consolidation taking place and then we just consolidate into a range until the end of the year and then we start to break the all-time highs and have the parabolic run which we compare 2021 or 2017 with.
So at this point, 2024 is probably not going to be a year where we break the all-time highs.”
Looking at the trader’s chart, he seems to predict that Bitcoin will consolidate between the range low of $38,000 and a high of $48,000 for most of 2024 before surging to a new all-time high the following year.
At time of writing, Bitcoin is trading for $40,933.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
