The tides appear to be turning in favor of bitcoin price as the market leader has reclaimed the $42,000 level for the second time in as many days. According to data from CoinGecko, the leading cryptocurrency managed to record a gain of 1.1% in the weekly period.
While bitcoin appears to be gaining positive momentum at the moment, capital outflows from the Grayscale btc ETF (GBTC) continue to spark fears of continued bearish pressure in the hearts of investors. However, a prominent crypto analyst has offered insight into the recent movement of the flagship coin, stating that the price correction is over.
Will btc price make another run to $48,000?
In its 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 nearly 10% price drop 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 it is widely believed that this price drop is related to investors withdrawing their shares in the Grayscale bitcoin Trust, van de Poppe claims that it is just one of the negative events that come to light when the market goes through a downturn. correction. The analyst also highlighted the recent news that Mt. Gox paid out approximately 200,000 btc to its previous clients as another such incident.
However, with the selling pressure easing somewhat, de Poppe speculated that bitcoin price could rise once again to $48,000 before the halving event. While he acknowledges that the bitcoin halving is a bullish event, the analyst does not believe there will be a significant price rally before it.
According to his analysis, Michael van de Poppe expects bitcoin price action to be within a range of $37,000 to $48,000 in the coming months. The crypto analyst anticipates that altcoins will have a positive streak during this period.
Finally, van de Poppe mentioned that a decline to $30,000 is not completely out of the question for the market leader, echoing recent bearish predictions. However, the expert believes that the chances of a retest of $30,000 are low, as the cryptocurrency market rarely moves in the direction of the crowd.
bitcoin price update
At the time of writing, the price of bitcoin stands at $42,124, reflecting an increase of just 0.7% over the past day. With a market capitalization of over $826 billion, btc maintains its position as the largest cryptocurrency in the sector.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/WxNbEzNv/" alt="bitcoin price” width=”2174″ height=”1434″ loading=”lazy”/>
bitcoin price breaks above the $42,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, TradingView chat
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