Crypto analyst Michaël van de Poppe forecasts Bitcoin to maintain a price range of $45,000 to $50,000 before its upcoming halving event in April 2024.
The prediction comes as Bitcoin enters a new phase, with the world’s largest crypto bidding farewell to its period of accumulation.
Van de Poppe also anticipates a correction following this surge, with Bitcoin expected to drop back to the $32,000 to $35,000 zone.
The crypto market, known for its cyclical patterns, is preparing to enter the first year of a bullish cycle, characterized by a steady, gradual increase in Bitcoin’s forecast. This shift generates optimism among Bitcoin investors enduring the bear market’s trials.
As the crypto market evolves, Bitcoin’s price shows signs of resurgence, breaking the $36,000 threshold for the first time since May 2022. At press time, Bitcoin was trading at $36,751.29.
The market recently experienced a ‘short squeeze’, resulting in a rapid price surge and prompting short sellers to exit their positions swiftly.
This effect was apparent with the liquidation of nearly $50 million worth of assets within a brief four-hour window.
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