After remaining below $30,000 for nearly three months, Bitcoin (BTC) finally broke free and surged past $34,000 in a remarkable rally last week.
This increase was largely due to renewed optimism in the market, fueled by growing expectations regarding the approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC in the US. With Bitcoin’s resurgence, the crypto community is abuzz with speculation about the future, including the possibility of a new bull run.
Among those providing insight is renowned crypto expert Michaël van de Poppe, who on October 28 shared his thoughts on Bitcoin’s next major resistance, pre-halving price predictions and the potential for new all-time highs (ATH).
According to Poppe, the next major resistance point for Bitcoin following its recent breakout is $38,000, indicating a price zone where sellers could gain momentum.
Nevertheless, the market analyst still believes that the first cryptocurrency will overcome this hurdle and rise to $45,000-$50,000 by the next halving, which is expected to take place in April 2024.
“I think we will see Bitcoin face resistance at $38,000, but most likely we will continue towards $45,000-$50,000 before the halving.”
– Poppe said in his post.
Poppe’s Bitcoin analysis and forecast for 2024. Source: Michael van de Poppe
But this is unlikely to be the end of the Bitcoin price rallies, predicts the expert.
Poppe’s prediction for the new Bitcoin ATH
Since he expects BTC to rise as high as $50,000 before the halving, the long-awaited event itself should serve as another catalyst. During Bitcoin’s halving, the reward miners receive for verifying transactions and adding blocks to the blockchain will be reduced by half.
This drop in supply, coupled with an increase in demand, often causes the price of BTC to rise as it becomes more scarce and sought after by investors.
However, Poppe expects the leading cryptocurrency to enter a phase of “consolidation” and “sideways movement over a long period of time” before surging and starting to “form new ATHs.”
Meanwhile, we could see strength in the altcoin market, he concluded.
Elsewhere, an analyst called TradingShot gave an even more optimistic forecast last week. He said that based on historical data and the timing of previous rallies, BTC could rise as much as 310% and skyrocket to $100,000 in “January 2024, May 2024, July 2024 or October 2024.”
Bitcoin price analysis
At press time on October 30, Bitcoin was changing hands at $34,389, up 0.39% in the last 24 hours.
Bitcoin 1-month price chart. Source: Finbold
The crypto asset rose more than 12% last week and about 27.5% on a monthly basis, increasing its market capitalization by around $145 billion during the period.
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Source : finbold.com