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Home»Bitcoin»Bitcoin remains above $50,000 despite a nasty drop, crypto expert says local top not in
Bitcoin

Bitcoin remains above $50,000 despite a nasty drop, crypto expert says local top not in

2024-02-21No Comments3 Mins Read
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The cryptocurrency space has been subject to high volatility after Bitcoin eventually rose to $53,000. After reaching this level, the cryptocurrency faced a notable drop in value. However, a crypto analyst has predicted that the price could continue to rise, highlighting the staying power of cryptocurrencies Bitcoin’s upward momentum.

BTC price should remain stable

Despite the recent bearish trends in recent days, one prominent crypto analyst, Michael van de Poppe, has done just that to maintain an optimistic view on the price of Bitcoin. The crypto analyst shared a BTC price chart and highlighted the flow of Bitcoin position above $50,000, showing strength.

However, he revealed that there are possibilities for a more extensive one price correction if Bitcoin fails to hold its current resistance area. Poppe reassured the crypto community, clarifying that while price corrections can be sharp and “annoying,” they typically prove to be short-lived.

The analyst too revealed that despite the success of the Spot Bitcoin ETF market, it relies solely on trust ETF inflows won’t be enough to push Bitcoin’s price to $100,000 in two months. He confirmed that Bitcoin’s price trend is still very bullish, noting that the rise is likely to unfold gradually over time, rather than in a single rapid moment.

Analyst Expects Bitcoin Wave to Rise to $58,000

In his X-posts, Poppe highlighted two possible scenarios for Bitcoin’s price movements. The analyst suggested a possible tendency towards a downtrend, emphasizing the critical zones within the price ranges from $48,000 to $49,500.

On the other hand, Poppe revealed that the price of Bitcoin may also experience a surge to new highs. He explained that as Bitcoin successfully crosses certain high levels, then the cryptocurrency could reach a local high of $54,000 to $58,000.

See also  US Banks Can Hold Bitcoin and Crypto Under Incoming Trump Executive Order: Report

Additionally, the crypto analyst presented a Bitcoin price chart, which illustrated a substantial uptrend for Bitcoin. He expected a short notice correction for the cryptocurrency, followed by a potential price increase to levels near $60,000.

“I expect a near-term correction before we make a final move to $54-58,000 and then we will probably be done with this current pre-halving run,” Poppe said. declared.

Bitcoin price chart from Tradingview.com

BTC price recovers above $51,000 | Source: BTCUSD on Tradingview.com

Featured image from Bookings Institutional, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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Bitcoin Crypto Drop Expert local Nasty Remains Top
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