A extensively adopted crypto analyst believes that Bitcoin (BTC) has formally entered bull market territory and is now primed for a rally towards $50,000.
Dealer Michaël van de Poppe tells his 669,700 followers on the social media platform X that the “Bitcoin bull market is right here.”
Van de Poppe predicts that Bitcoin will rally to as excessive as $50,000 within the coming months earlier than witnessing a pullback and surging to a brand new all-time excessive (ATH).
“I feel we’ll see Bitcoin hit resistance at $38,000, however most probably we’ll proceed towards $45,000-$50,000 pre-halving.
After that, consolidation and sideways motion for an extended interval earlier than we begin making new ATHs.”
Wanting on the dealer’s chart, he seems to foretell that Bitcoin will see $50,000 in January 2024, a number of months forward of BTC’s halving occasion.
The halving, which has traditionally 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 within the midst of a consolidation interval and a dip beneath $33,000 remains to be on the desk.
“Bitcoin technically developing a spread right here.
Slight correction in the direction of $33,300 and shortly purchased up.
If the decrease boundaries are reached, in all probability sentiment will flip bearish ($32,800), however that might sign an excellent lengthy alternative.”
At time of writing, Bitcoin is value $34,497.
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