Price Analysis
  • Elena R
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    Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Bitcoin (BTC) Price Rides a Resurgent Wave: Is $50,000 on the Horizon?

After dwelling below $30,000 for an extended period, Bitcoin has staged an impressive comeback, surging past $34,000. This marks a 12% weekly gain and a significant 27.5% monthly increase, translating to an addition of roughly $145 billion in market value.

Anticipation is now mounting for Bitcoinโ€™s next halving event in April 2024, with expectations of a substantial rally that could propel it beyond the coveted $50,000 threshold. This resurgence is fueled by growing optimism surrounding the SECโ€™s potential approval of a spot Bitcoin exchange-traded fund in the U.S., sparking speculation about a potential new bull run.

Expert Insights from Michaรซl van de Poppe

Renowned crypto expert Michaรซl van de Poppe has chimed in with his views on Bitcoinโ€™s trajectory. He identifies the next major resistance for Bitcoin at around $38,000, an area where seller activity may pick up. Despite this, he remains optimistic, foreseeing Bitcoin potentially reaching between $45,000 and $50,000 before the impending halving event.

Plus he suggests that this surge may not signify the end of Bitcoinโ€™s upward journey. He forecasts a period of consolidation and sideways movement before witnessing further substantial price increases and the creation of new all-time highs (ATHs).

Altcoin Market Strength and Ambitious Predictions

In addition to Poppeโ€™s analysis, another analyst, TradingShot, presents an even more bullish forecast. Based on historical data and previous rally timings, he suggests that Bitcoin could experience an impressive 310% surge, reaching $100,000 in one of the months in 2024, such as January, May, July, or October. This prediction indicates an even more optimistic outlook for Bitcoinโ€™s future. 

Overall, Bitcoinโ€™s recent surge can be attributed to key developments. While the SECโ€™s courtroom losses added regulatory uncertainty, a false report on BlackRockโ€™s ETF approval led to a rapid $3,000 price jump in just 30 minutes. In such a crazy mindset of investors, anything is possible since Bitcoin stayed strong despite the rug-pull events in the crypto space.ย 

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