Crypto Analyst Foresees Bitcoin (BTC) Surpassing $50,000 in Next Surge, But Highlights a Major Caveat
A well-known cryptocurrency analyst predicts that Bitcoin (BTC) is preparing for a surge above the $50,000 mark, but anticipates this increase will be followed by an extended period of consolidation
In a recent strategy session, crypto analyst Michaël van de Poppe shares with his 162,000 YouTube subscribers his perspective that Bitcoin (BTC) could climb to around $52,000 prior to the next halving event, scheduled for April 2024. Van de Poppe maintains a bullish stance on BTC for the upcoming months but forecasts a prolonged consolidation phase post-halving. During this phase, he expects Bitcoin to trade within a broad range without setting new record highs.
Van de Poppe explains, "We're likely to see a pre-halving surge, followed by a consolidation phase. This consolidation is expected to last until the end of the year, after which Bitcoin might break its all-time highs and potentially enter a parabolic phase, reminiscent of what we saw in 2021 or 2017. However, for 2024, it's unlikely that we'll witness new all-time highs for BTC."
Analyzing the chart presented by the trader, it appears he predicts that Bitcoin will mostly consolidate within a range between a low of $38,000 and a high of $48,000 throughout 2024. This consolidation phase is expected to precede a surge to a new all-time high in the following year. Currently, Bitcoin is trading at $40,933.
I
Dec 18, 2023
