Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In
February 21 2024 - 7:05PM
NEWSBTC
The cryptocurrency space has been subject to high volatility after
Bitcoin finally surged to $53,000. After hitting this level, the
cryptocurrency faced notable declines in its value. However, a
crypto analyst has predicted that the price might continue to
surge, highlighting the enduring strength of Bitcoin’s upward
momentum. BTC Price Needs To Hold Steady Despite the recent
bearish trends seen in the last few days, a prominent crypto
analyst, Michael van de Poppe, has maintained an optimistic outlook
on Bitcoin’s price. Sharing a BTC price chart, the crypto analyst
emphasized Bitcoin’s current position above $50,000, which shows
strength. Related Reading: Dogecoin Begins Massive Recovery
Trend, But Can These Factors Drive A Rally To $0.2? However, he
revealed that there is the potential for a more extensive price
correction if Bitcoin fails to hold its current resistance area.
Reassuring the crypto community, Poppe clarified that although
price corrections can be sharp and “nasty,” they typically prove
short-lived. The analyst also disclosed that despite the success of
the Spot Bitcoin ETF market, relying solely on ETF inflows will not
be enough to propel the price of Bitcoin to $100,000 within two
months. He affirmed that Bitcoin’s price trend is still very
bullish, noting that surges are more likely to unfold gradually
over time, rather than in a single rapid moment. Analyst Projects
Bitcoin Surge To $58,000 In his X posts, Poppe highlighted two
potential scenarios for Bitcoin’s price movements. The analyst
suggested a possible inclination towards a downward trend,
emphasizing the critical zones to watch within the $48,000 to
$49,500 price ranges. Related Reading: XRP Refuses To Back
Down As Crypto Analyst Identifies When Price Will Rally To $2 On
the flip side, Poppe revealed that the price of Bitcoin could also
experience a surge to new highs. He explained that if Bitcoin
successfully breaches certain high levels, then the cryptocurrency
could achieve a local top of $54,000 to $58,000. Furthermore,
the crypto analyst presented a Bitcoin price chart, which
illustrated a substantial uptrend for Bitcoin. He anticipated a
short-term correction for the cryptocurrency, followed by a
potential price surge to levels close to $60,000. “I’m
expecting a short-term correction before a final push to $54-58K
and then we’re likely done with this current pre-halving run,”
Poppe stated. BTC price recovers above $51,000 | Source:
BTCUSD on Tradingview.com Featured image from Bookings
Institutional, chart from Tradingview.com
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