Following nearly three months of stagnation below $30,000, Bitcoin (BTC) has finally broken out, soaring beyond $34,000 in a stunning rise last week.
Rekindled market euphoria, stoked by mounting anticipation over the SEC’s approval of a spot Bitcoin exchange-traded fund (ETF) in the US, was a major factor in this spike. The cryptocurrency world is aflutter with conjecture following Bitcoin’s comeback, including the prospect of another bull run.
Renowned cryptocurrency analyst Michaël van de Poppe is one of those providing analysis. On October 28, he discussed his expectations for pre-halving prices, the next significant obstacle for Bitcoin, and the possibility of new all-time highs (ATH).
Pre-Halving Bitcoin Rally: Expert’s Forecast of $50,000 Price,Pre-Halving Bitcoin Rally: Expert’s Forecast of $50,000 Price
Poppe claims that after its most recent breakout, $38,000 is the next significant resistance level for Bitcoin, a price range where sellers may accelerate their pace.
In spite of this, the market expert continues to think that before the next halving event, which is anticipated to take place in April 2024, the first cryptocurrency will overcome that obstacle and soar as high as $45,000 to $50,000.
Poppe’s forecast on the next Bitcoin ATH
He believes that Bitcoin will rise above $50,000 before halving, thus the eagerly anticipated event itself ought to act as additional impetus. The payment that miners earn for confirming transactions and appending blocks to the blockchain is halved during the Bitcoin halving.
When supply is reduced and demand rises, Bitcoin’s price frequently rises because investors find the cryptocurrency more valuable and scarcer.
Nevertheless, Poppe believes that before the top cryptocurrency soars and starts “making new ATHs,” it will first go through a phase of “consolidation” and “sideways action for a long period.”
He finished by saying that we might see strength in the altcoin market in the meantime.
Last week, an expert by the name of TradingShot made an even more optimistic forecast. He predicted that BTC may rise as much as 310% and reach $100,000 in one of “January 2024, May 2024, July 2024, or October 2024” based on historical data and the timing of other rallies.
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