According to crypto analyst Michaël van de Poppe, Bitcoin (BTC) has the potential to reach $50,000 before April 2024. Van de Poppe, who has a large following on social media, predicts that Bitcoin will experience a significant increase in value before correcting back to current levels. He expects the cryptocurrency to reach $45,000-$50,000 before undergoing a heavy correction to $32,000-$35,000. Van de Poppe emphasizes that Bitcoin has been following cyclical patterns and has faced challenges in the past two years.
Currently, Bitcoin is approaching a pivotal resistance level, with $38,000-$40,000 acting as a strong resistance zone. Van de Poppe suggests that a breakout is unlikely to occur immediately and that consolidation below the resistance level is the most favorable scenario. He advises investors to position themselves for a long-term investment if a correction occurs.
Van de Poppe also highlights two news stories that could impact Bitcoin's price. Firstly, Bitcoin is approaching a higher timeframe resistance at $38,000. Additionally, the filing of an Ethereum Spot ETF by BlackRock is expected to lead to a temporary top and liquidation of long positions. Van de Poppe advises investors to take advantage of potential dips in the market to enter positions.
As of now, Bitcoin is valued at $36,050, representing a 4.3% increase from a week ago. Investors are reminded to conduct their own research and exercise caution when investing in high-risk assets like Bitcoin and other cryptocurrencies.
