Bitcoin [BTC], the world’s largest crypto, is currently on an intriguing journey. According to the analyst Michaël van de Poppe, the king coin is expected to see a notable rise. His analysis reveals that Bitcoin is expected to maintain a price range of $45,000 to $50,000 as it enters a new phase. Bitcoin’s halving is a prominent event that is slated to occur in April 2024.
The analyst also notes that the asset could also witness a correction. Bitcoin following its surge is expected to dip back down to the $32,000 to $35,000 zone.
This forecast coincides with Bitcoin bidding farewell to its period of accumulation. It is reportedly venturing into the initial stages of a bullish cycle. This further marks a significant release from the recent bear market.
In the crypto industry, the market cycles operate in different patterns, typically spanning about four years each. The most recent bear market extended from November 2021 to November 2022, reaching its lowest point during that latter month. Following this downward phase, the crypto market transitioned into an accumulation period. This has continued until the current month, signifying the conclusion of this accumulation phase.
Consequently, the crypto market is poised to enter the first year of a bullish cycle. This phase is characterized by a gradual but steady increase in Bitcoin’s forecast, with the asset typically not surpassing its previous all-time high. The breakthrough to new all-time highs typically occurs during the second year of a bull market.
How is Bitcoin faring right now?
This shift has brought about a renewed sense of optimism among Bitcoin investors. This is mostly for those who have navigated through the turbulent waters of the bear market. As the dynamics of the crypto market continue to evolve, Bitcoin’s price has shown signs of resurgence. It has done so by breaking through the $36,000 threshold for the first time since May 2022. At press time, the king coin was trading at $36,751.29 with a 4% daily surge.
The crypto market experienced a short squeeze, a rare occurrence that results in a sudden and rapid price surge. Such events are usually sparked by unexpected price spikes. This further prompted short sellers to swiftly exit their positions, leading to a rush of buying activity. Short sellers are those who bet against rising prices in futures trading
The outcome of this short squeeze was evident in the liquidation of just under $50 million worth of assets within a brief four-hour window.
As Bitcoin continues to navigate these market dynamics, it remains a subject of intense interest for both investors and analysts alike. Michaël van de Poppe’s projection of a price range between $45,000 and $50,000 for Bitcoin sets the stage for an exciting chapter in the cryptocurrency space. As the initial year of the bullish cycle unfolds, Bitcoin enthusiasts eagerly anticipate the developments and surprises that lie ahead in this rollercoaster journey of price discovery and market dynamics.