Crypto Analyst Anticipates Bitcoin (BTC) Surpassing $50,000, But Expects a Longer Consolidation Period
A well-known crypto analyst is predicting that Bitcoin (BTC) is on the verge of a rally that will push it above $50,000. However, this surge in price will likely be followed by an extended consolidation period.
Michaël van de Poppe, who has a substantial following of 162,000 subscribers on YouTube, has stated that he believes Bitcoin will reach as high as $52,000 before the next halving event, which is scheduled for April 2024.
Despite his bullish outlook for BTC in the coming months, Van de Poppe expects a consolidation phase to occur after the halving. During this period, Bitcoin will trade within a wide range without reaching a new all-time high. He explains, “Pre-halving, we’re going to have a pump. After that, we’re going to have a consolidation taking place… and then we just consolidate into a range until the end of the year.” Van de Poppe further suggests that breaking all-time highs might not happen in 2024.
The analyst’s chart indicates that Bitcoin will likely consolidate between $38,000 and $48,000 throughout most of 2024 before experiencing a surge to a new record high the following year. Currently, Bitcoin is trading at $40,933.
Overall, while Van de Poppe predicts an upward trend for Bitcoin in the near future, he also anticipates a period of consolidation before any significant price movements occur.