As Bitcoin continues its bullish momentum, famous analyst Michael van de Poppe says supply Optimistic outlook on cryptocurrency value trajectory. Van de Poppe highlighted the “big” momentum behind Bitcoin, signaling a bullish pattern for the market.
The analyst predicts that Bitcoin will start a “ultimate surge” towards the $54,000 to $58,000 vary, marking the height of the present pre-halving rally. Nonetheless, there’s an issue: Vanderpop predicts a short-term correction earlier than this “ultimate push.”
this #bitcoin The chart appears to be like nice as a result of there may be lots of momentum.
I count on a short-term correction earlier than an eventual push in the direction of $54-58K, after which we could full the present pre-halving run. pic.twitter.com/sq9GWn0N8M
— Michael van der Poppe (@CryptoMichNL) February 19, 2024
Analyst insights and market traits
Van de Poppe’s prediction comes as Bitcoin’s present value hovers across the $52,000 mark, up 0.5% prior to now 24 hours. This upward trajectory builds on a week-long bullish pattern that has pushed Bitcoin’s market capitalization to $1.02 trillion.
Nonetheless, Van de Poppe will not be the one analyst to precise bullish sentiment on Bitcoin. One other cryptocurrency analyst on X named “James CryptoGuru” additionally issued a bullish forecast, setting a $61,000 goal for Bitcoin’s near-term value.
#bitcoin Commerce Goal $61,000 & $DOGE Breaking information! ! ! $btc $doge short term correction pic.twitter.com/cAerjhjexY
— James CryptoGuru (@Jamyies) February 19, 2024
CryptoGuru’s evaluation factors to numerous chart setups and indicators supporting Bitcoin’s upward trajectory. Analysts famous a rise in every day candle quantity on the Bitcoin/USD chart. This statement is coupled with the identification of great bullish indicators, particularly the formation of a hammer candle.
For context, the hammer candlestick sample usually happens throughout downtrends and indicators a potential reversal in an asset’s value. It’s characterised by a smaller actual physique close to the highest of the candlestick and a protracted decrease shadow, much like a hammer.
This sample reveals that sellers pushed costs decrease through the buying and selling session, however patrons have been in a position to push costs greater, indicating a stronger market. So far as Bitcoin is worried, CryptoGuru says that the Bitcoin market is gearing up for a rebound given the looks of a hammer candle.
Moreover, CryptoGuru recognized resistance round $52,000 on the 4-hour chart, indicating the entry right into a consolidation part and the formation of a bullish sign generally known as a “bull flag.”
Components driving Bitcoin’s rise and optimistic forecasts
Bullish predictions for Bitcoin are boosted by a wide range of components, together with the upcoming Bitcoin halving occasion scheduled for April. Bitcoin halvings, a deliberate discount within the charge at which new Bitcoins are created, usually end in a discount in provide and have traditionally led to cost appreciation.
As well as, elevated demand for Bitcoin following the approval of spot ETFs has additionally fueled investor optimism. Final week alone, Coinshares witnessed a document $2.45 billion in complete world cryptocurrency fund inflows, with U.S. spot Bitcoin exchange-traded funds (ETFs) dominating the inflows.
Featured photos from Unsplash, charts from TradingView
Disclaimer: This text is for academic functions solely. It doesn’t signify NewsBTC’s opinion on whether or not to purchase, promote or maintain any funding, and funding naturally includes dangers. It is suggested that you simply conduct your personal analysis earlier than making any funding determination. Use of the knowledge offered on this web site is totally at your personal danger.
