Bitcoin’s Sudden Rise: Experts Predict $50K & Beyond
Bitcoin (BTC) recently broke out above $34,000 after a prolonged period below $30,000, mainly due to revived market optimism over the possible approval of a spot Bitcoin ETF by the SEC in the United States.
This resurgence has fueled speculation within the crypto community about a potential upcoming bull run.
Renowned crypto expert Michaël van de Poppe provided insights on Bitcoin‘s future trajectory, indicating the next significant resistance at $38,000.
However, he remains optimistic, foreseeing Bitcoin potentially reaching $45,000 to $50,000 before the expected April 2024 halving event.
I think we'll see #Bitcoin hit resistance at $38K, but most likely we'll continue towards $45-50K pre-halving.
After that, consolidation, sideways action for a long period before we'll start making new ATH's.
In the meantime? Probably altcoins starting to show strength. pic.twitter.com/PFnARDq6Fy
— Michaël van de Poppe (@CryptoMichNL) October 28, 2023
Poppe highlighted the impact of halving events, reducing miner rewards and increasing Bitcoin’s scarcity, potentially leading to increased demand and price surges.
Poppe also predicts a phase of “consolidation” and “sideways movement for an extended period” for Bitcoin before it establishes “new ATHs” and experiences substantial growth. He suggests potential strength in the altcoin market during this phase.
Additionally, TradingShot, another analyst, offered a more bullish prediction based on historical data, suggesting a potential 310% surge for BTC, with the possibility of hitting $100,000 in January 2024, May 2024, July 2024, or October 2024.
As of October 30, Bitcoin was trading at $34,389, reflecting a 0.39% increase over the past 24 hours. Over the previous week, Bitcoin witnessed a more than 12% surge, contributing to an approximately 27.5% monthly increase and adding about $145 billion to its market capitalization.
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The recent Bitcoin rally beyond $34,000 is primarily attributed to the growing anticipation of a potential SEC approval for a Bitcoin ETF, prompting discussions within the crypto community about an impending bull run.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
