crypto analyst Michael van de Poppe recently shared his latest bitcoin price prediction at X. Van de Poppe now set his sights on new heights for the flagship cryptocurrency.
In a recent post, the analyst expressed confidence that bitcoin has concluded its corrective phase and is set to test the $47,000-$50,000 range soon.
Van de Poppe's optimism stems from a critical market development: the potential approval of the btc spot exchange-traded fund (ETF) by major financial entities such as BlackRock, Fidelity and Ark Investment. This anticipated measure, widely supported According to industry experts, it could catalyze btc's jump.
The long-awaited approval from the SEC early January could unlock unprecedented market dynamics, propelling bitcoin to new highs.
bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin Tested the lows, did not take liquidity below the lows.
Anyway, the correction seems to be over and before the ETF we are likely to test between $47,000 and $50,000.
Buy the sauces. pic.twitter.com/Ar4mqvYRjJ
—Michaël van de Poppe (@CryptoMichNL) December 19, 2023
Meanwhile: Recovery found in key supply zone
Amid the waves of predictions, Michael van de Poppe is not alone in his bullish outlook. Ali, another market analyst, has raised concerns by bitcoin's recent slide below a crucial supply zone, ranging between $41,200 and $42,400.
Leveraging IntoTheBlock's on-chain data, Ali noted that this zone is a stronghold for 1.87 million addresses, accumulating around 730,000 btc. He warns that a break below this level could trigger a sell-off, which could push bitcoin into the next demand zone between $37,500 and $38,700.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin has fallen below a key supply zone, ranging between $41,200 and $42,400. In this area, 1.87 million addresses had accumulated 730,000 $btc.
This slowdown could cause these holders to sell, with the aim of reducing losses.
If selling pressure increases, watch for a possible drop… pic.twitter.com/aTX1RWarkb
—Ali (@ali_charts) December 18, 2023
However, in a positive turn, bitcoin has shown signs of recovery, surpassing the $42,400 mark. In the last 24 hours, bitcoin has witnessed an increase of close to 3%, trading around $42,548 at the time of writing. This resurgence is a strong indicator that bitcoin has re-entered and solidified its position in the critical supply zone identified by Ali.
bitcoin's path to $200,000 in 2024
Beyond these immediate forecasts, Dan Tapiero, managing partner of 10T Holdings, imagine a broader transformation for bitcoin and the crypto market. Tapiero, echoing the thoughts of Real Vision CEO Raoul Paul, predicts that btc could rise to over $200,000 by May 2024.
This bullish trajectory is not just mere speculation. Still, it is supported by the anticipation of a significant influx of liquidity into the btc market, especially with the possible SEC approval of spot bitcoin ETFs.
The introduction of these spot ETFs, especially from traditional finance stalwarts like BlackRock, is set to be a game-changer. It offers institutional investors a regulated avenue to dive into btc, thereby improving the currency's liquidity and consequently its market value.
As more institutions adopt bitcoin, its liquidity is expected to increase, setting the stage for substantial price increases.
The world is not ready for this graph.@RaoulGMI continues his excellent work with the GMI monthly report.
A 200k bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin in 2024 suggests true and imminent change in the world.
Zero exposure will pose a professional risk for traditional money managers.
Money and value are redefined. pic.twitter.com/VlKD7DF5tb
– Dan Tapiero (@DTAPCAP) December 17, 2023
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
