Bullish Long-Term Outlook Amidst Short-Term Consolidation
Van de Poppe envisions a phase of consolidation for Bitcoin in the upcoming months, with a suggested price range oscillating between $48,000 and $50,000 leading up to the halving event.My general theory is that is consolidating in the coming months. Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there to continue outperforming Bitcoin. — Michaël van de Poppe (@CryptoMichNL)
Bitcoin Price At A Glance
Bitcoin is , and its next move is crucial. If it breaks above $43,375, it might surge further, finding resistance at higher levels. On the downside, there’s a solid support around $42,940, backed by the 50-Day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) suggests a neutral market, hovering around 54, without a clear direction. Traders are closely watching for a potential breakout above $43,375, which could trigger a bullish rally, or a drop below $42,950, indicating a bearish trend. The market is at a pivotal point, and significant price action could follow.
Traders Remain Upbeat On Much-Awaited Bull Cycle
The current Bitcoin market operates within a unique landscape, shaped by the recent launch of spot Bitcoin ETFs and the looming halving event. While the possibility of sideways movement exists, traders remain hopeful for the initiation of the long-awaited bull cycle. As the crypto community eagerly awaits the unfolding of these predictions, the dynamics of the market continue to evolve, keeping investors on the edge of their seats in anticipation of the upcoming events.Featured image from Adobe Stock, chart from TradingView