The tide appears to be turning in favor of the Bitcoin price as the market leader has regained the $42,000 level for the second time in as many days. According to data from CoinGecko, the leading cryptocurrency has managed to post a gain of 1.1% on the weekly time frame.
While Bitcoin seems to be gaining positive momentum at the moment, the outflows from the Grayscale BTC ETF (GBTC) continue to stoke fears of continued bearish pressure in the hearts of investors. However, a prominent crypto analyst has provided insight into the flagship coin’s recent move, claiming that the price correction is over.
BTC price going to make another run at $48,000?
In his latest video on YouTube, crypto expert and analyst Michael van de Poppe stated that he believes the Bitcoin price correction is over for now. The leading cryptocurrency saw a price drop of almost 10% after hitting a multi-month high of around $49,000 on January 11, the day Bitcoin spot ETFs began trading in the United States.
While the general belief is that this price drop is related to investors cashing out their shares in the Grayscale Bitcoin Trust, Van de Poppe claims that this is just one of the negative events that come into the spotlight when the market goes through a correction. The analyst also highlighted the recent news of Mount Gox paying out approximately 200,000 BTC to its former clients as such an incident.
However, with selling pressure easing somewhat, De Poppe speculated that the Bitcoin price could rise to $48,000 once more before the halving. While he acknowledges that Bitcoin’s halving is a bullish event, the analyst does not believe it will be preceded by a significant price increase.
In line with his analysis, Michael van de Poppe expects Bitcoin price action to be between $37,000 and $48,000 in the coming months. The crypto analyst expects the altcoins to make a positive run during this period.
Finally, Van de Poppe noted that a trip to $30,000 is not entirely out of the question for the market leader, following recent bearish forecasts. However, the expert believes that the chances of a $30,000 retest are low as the crypto market rarely moves in the direction of the crowd.
Bitcoin price update
At the time of writing, the Bitcoin price stands at $42,124, reflecting an increase of just 0.7% in the past day. With a market capitalization of over $826 billion, BTC maintains its position as the largest cryptocurrency in the industry.
Bitcoin price breaks above the $42,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chat from TradingView
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