Bitcoin Forecast: Analyst Predicts $58,000 Surge Before Halving, But There’s A Catch
20 February 2024 - 12:00PM
NEWSBTC
As Bitcoin continues its bullish momentum, renowned analyst Michaël
van de Poppe has offered an optimistic outlook on the
cryptocurrency’s price trajectory. Van de Poppe highlights the
“massive” momentum behind Bitcoin, signalling a bullish trend in
the market. The analyst anticipates Bitcoin embarking on a
“final surge” towards the $54,000 to $58,000 range, marking the
culmination of the current pre-halving rally. However, there’s a
catch: Van de Poppe predicts a short-term correction before this
“final push.” The #Bitcoin chart looks great as the momentum is
massive. I’m expecting a short-term correction before a final push
to $54-58K and then we’re likely done with this current pre-halving
run. pic.twitter.com/sq9GWn0N8M — Michaël van de Poppe
(@CryptoMichNL) February 19, 2024 Analyst Insights And Market
Trends Van de Poppe’s forecast comes amid Bitcoin’s current price
hovering around the $52,000 mark, reflecting a 0.5% increase over
the past 24 hours. This upward trajectory builds upon a week-long
bullish trend, propelling Bitcoin’s market capitalization to $1.02
trillion. Related Reading: 16,000 Bitcoin Dormant Since 5+ Years
Suddenly Moves, What’s Going On? However, Van de Poppe isn’t the
sole analyst expressing bullish sentiments towards Bitcoin. Another
cryptocurrency analyst with the name ‘James CryptoGuru’ on X has
also issued a bullish prediction, setting a target of $61,000 for
Bitcoin’s price in the near future. #BITCOIN TRADE TARGET $61,000
& $DOGE BREAKING NEWS!!! $btc $doge short-term correction
pic.twitter.com/cAerjhjexY — James CryptoGuru (@Jamyies) February
19, 2024 CryptoGuru’s analysis points to various chart setups and
indicators supporting Bitcoin’s upward trajectory. The analyst
notes an increase in trading volume across the daily candles on the
BTC/USD chart. This observation is coupled with the identification
of notable bullish signals, particularly the formation of a hammer
candle. For context, a hammer candlestick pattern typically
appears during a downtrend and signals a potential reversal in the
price of an asset. It is characterized by a small body near the top
of the candlestick with a long lower shadow, resembling a hammer.
This formation suggests that sellers drove the price lower during
the trading session, but buyers were able to push the price back
up, indicating strength in the market. In the case of Bitcoin,
CryptoGuru suggest that the Bitcoin market is charged up for a
rally given the sightings of hammer candle. Additionally,
CryptoGuru identifies a resistance level around $52,000 on the
4-hour chart, indicating a consolidation phase and the formation of
a bullish signal known as a “bull flag.” Factors Driving Bitcoin
Rally And Optimistic Predictions The bullish forecasts for Bitcoin
are buoyed by several factors, including the upcoming Bitcoin
halving event scheduled for April. The BTC halving, a programmed
reduction in the rate at which new BTC are created, typically
results in decreased supply and historically has led to price
appreciation. Related Reading: Bitcoin Spot ETFs: Issuers Set New
Record As Weekly Inflows Cross $2.2 Billion Furthermore, heightened
demand for Bitcoin in the wake of spot ETF approval has fuelled
optimism among investors. Last week, alone, Coinshares saw a record
inflows totalling $2.45 billion into crypto funds globally, with US
Spot Bitcoin exchange-traded funds (ETFs) dominating the inflows.
Featured image from Unsplash, Chart from TradingView
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