Bitcoin remains above $50,000 despite the backtest decline, with Crypto Assets experts saying the local top has not yet emerged
After Bitcoin finally soared to $53,000, the Crypto Assets space has been in the midst of high Fluctuation. After reaching this level, the value of Crypto Assets has fallen significantly. However, a Crypto Assets analyst predicted that the price could continue to soar, highlighting the enduring power of Bitcoin's upward momentum.
Despite the bearish trend over the past few days, renowned Crypto Assets analyst Michael van de Poppe maintains an optimistic outlook for Bitcoin prices. The Crypto Assets analyst shared the BTC price chart, highlighting Bitcoin's current position above $50,000, which shows its strength.
However, he revealed that if Bitcoin fails to hold the current resistance zone, there could be a broader price correction. To reassure the Crypto Assets community, Pope clarified that while price corrections can be drastic and "annoying," they are usually short-lived.
The analyst also revealed that despite the success of the Spot Bitcoin ETF market, ETF inflows alone were not enough to push the price of Bitcoin to $100,000 in two months. He confirmed that Bitcoin's price trend remains very bullish and noted that the spike is more likely to unfold gradually over time than in a quick moment.
In his X post, Poppe highlighted two potential scenarios for Bitcoin's price action. The analyst said a downtrend is likely and stressed the need to focus on key areas in the $48,000 to $49,500 price range.
On the other hand, Pope revealed that the price of Bitcoin could also soar to new highs. He explained that if Bitcoin manages to break through certain highs, then the Crypto Assets could reach a local maximum of $54,000 to $58,000.
In addition, Crypto Assets analysts have provided a Bitcoin price chart that shows a significant upward trend in Bitcoin. He expects a short-term correction in the Crypto Assets, followed by a possible spike in the price to near the $60,000 level. "I expect a short-term correction before the final push to $54-58K, and then we may finish the current pre-Halving run," Poppe said. ”
(Source: Scott Matherson)