Eyes On $50,000: Bitcoin Poised For Major Rally Amid Spot ETF Optimism – Analyst

Samuel Edyme

1 year ago

4 mins read

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Crypto analyst Michael van de Poppe has recently shared his latest Bitcoin price prediction on X. Van de Poppe has 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 primed to test the $47,000-$50,000 range soon.

Van de Poppe’s optimism stems from a critical market development: the potential approval of spot BTC exchange-traded fund (ETF) by major financial entities like BlackRock, Fidelity, and Ark Investment. This anticipated move, widely supported by industry experts, could catalyze BTC’s leap.

The SEC’s expected nod in early January could unlock unprecedented market dynamics, propelling Bitcoin to new highs.

#Bitcoin did test the lows, didn’t take the liquidity beneath the lows.

Anyway, correction seems over and pre-ETF we’re likely to test $47-50K.

Buy the dips. 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 isn’t alone in his bullish outlook. Ali, another market analyst, has raised concerns over Bitcoin’s recent slip below a crucial supply zone, ranging from $41,200 to $42,400.

Leveraging on-chain data from IntoTheBlock, Ali pointed out that this zone is a stronghold for 1.87 million addresses, cumulatively holding around 730,000 BTC. He warns that a breach below this level could trigger a sell-off, potentially pushing Bitcoin down to the next demand zone between $37,500 and $38,700.

#Bitcoin has slipped below a key supply zone, ranging from $41,200 to $42,400. In this area, 1.87 million addresses had accumulated 730,000 $BTC.

This downturn might trigger these holders to sell, aiming to cut losses.

If selling pressure increases, watch for a possible decline… pic.twitter.com/aTX1RWarkb

— Ali (@ali_charts) December 18, 2023

However, in a positive twist, Bitcoin has shown signs of recovery, surpassing the $42,400 mark. In the past 24 hours, Bitcoin has witnessed a near 3% rise, 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 (BTC) price chart on TradingView — Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Bitcoin Path To $200,000 By 2024

Beyond these immediate forecasts, Dan Tapiero, Managing Partner at 10T Holdings, envisions a broader transformation for Bitcoin and the crypto market. Tapiero, echoing insights from Real Vision’s CEO Raoul Paul, predicts that BTC could surge to over $200,000 by May 2024.

This bullish trajectory is not just mere speculation. Still, it is backed by the anticipation of a significant liquidity influx into the BTC market, especially with the potential SEC approval of spot Bitcoin ETFs.

Introducing these spot ETFs, especially from traditional finance stalwarts like BlackRock, is poised to be a game-changer. It offers institutional investors a regulated avenue to dive into BTC, thereby enhancing the coin’s liquidity and, consequently, its market value.

As more institutions embrace Bitcoin, its liquidity is expected to spike, setting the stage for substantial price increases.

The world is not ready for this chart.@RaoulGMI continues his excellent work with monthly GMI report.

A 200k #Bitcoin in 2024 suggests a true and imminent change in the world.

Zero exposure will pose career risk for traditional money managers.

Money and value get redefined. pic.twitter.com/VlKD7DF5tb

— Dan Tapiero (@DTAPCAP) December 17, 2023

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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