After languishing below the $30,000 mark for nearly three months, Bitcoin (BTC) has finally broken free, surging past $34,000 in a remarkable rally last week.
This surge was largely driven by renewed optimism in the market, fueled by growing expectations of the SEC’s approval of a spot Bitcoin exchange-traded fund (ETF) in the US. With Bitcoin’s resurgence, the crypto community is abuzz with speculation about what the future holds, including the possibility of a new bull run.
Among those offering insights 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).
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Poppe’s analysis
According to Poppe, following its latest breakout, the next major resistance point for Bitcoin lies at $38,000, indicating a price zone where sellers could pick up pace.
Despite that, the market analyst still believes the maiden cryptocurrency will clear that barrier and surge as high as $45,000 to $50,000 before the next halving event, which is projected to occur in April 2024.
“I think we’ll see Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving.”
– Said poppe in his post.
But this will hardly be the end of Bitcoin’s price rallies, the expert predicts.
Poppe’s prediction on new Bitcoin ATH
Given that he sees BTC surging to as high as $50,000 before 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 is reduced by half.
This reduction in supply, coupled with increasing demand, often leads to a surge in BTC’s price as it becomes scarcer and more sought after by investors.
That said, Poppe expects the leading cryptocurrency to enter a period of “consolidation” and “sideways action for a long period” before it skyrockets and begins “making new ATHs.”
Meanwhile, we could witness strength in the altcoin market, he concluded.
Elsewhere, an analyst known as TradingShot offered an even more bullish prediction last week. He said that based on historical data and the timing of previous rallies, BTC could surge as much as 310% and rocket to $100,000 in one of “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 past 24 hours.
The crypto asset rose more than 12% over the past week, and about 27.5% on a monthly basis, adding roughly $145 billion in market cap during that period.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
