- Crypto trader Michaël van de Poppe predicts Bitcoin could reach $45,000 – $50,000 before the next halving in April 2024, then correct back down to $32,000 – $35,000.
- In the near-term, Bitcoin is approaching resistance between $38,000 – $40,000. van de Poppe expects consolidation before a breakout above this level.
- Upcoming news on 11/9 like Bitcoin hitting higher timeframe resistance and a potential Ethereum ETF filing could lead to a temporary Bitcoin top before a correction.
The world’s largest cryptocurrency, Bitcoin (BTC), has seen significant volatility over the last couple of years. However, according to one popular analyst, Bitcoin may be gearing up for a bull run that could take it to $50,000 before the next halving in April 2024.
Crypto Trader Makes Bold Bitcoin Prediction
Crypto trader Michaël van de Poppe has over 671,000 followers on social media platform Twitter. He recently predicted that Bitcoin could reach $45,000 – $50,000 before the next halving, which will occur in April 2024.
After reaching those levels, van de Poppe expects Bitcoin to correct back down to the $32,000 – $35,000 level and consolidate there. As he states: “Cycles repeat themselves and Bitcoin has been suffering a lot the past two years.”
Bitcoin Facing Resistance Before Potential Breakout
In the near-term, van de Poppe notes that Bitcoin is approaching some key resistance levels between $38,000 – $40,000. He doesn’t expect Bitcoin to break out above this level in one move, stating:
“Anything between $38,000-$40,000 is pretty much resistance and I’m not expecting a breakout in one go. Consolidation beneath is the best and the first test isn’t usually a breaker.”
However, van de Poppe says that any correction from these levels could present a good opportunity to take a long position.
News Events Could Lead to Short-Term Bitcoin Top
Additionally, van de Poppe points out two news events from November 9th that could lead Bitcoin to a temporary top before a correction:
- Bitcoin reaching higher timeframe resistance around $38,000
- Ethereum spot ETF filing from BlackRock
As van de Poppe states: “Both news items which call for a temporary top and liquidation of the long positions.” He advises traders to watch for potential dips to use as entry opportunities.
At the time of writing, Bitcoin is trading around $36,050, up over 4% from a week ago. While short-term volatility is expected, analysts like van de Poppe see potential for Bitcoin to revisit its all-time highs prior to its next halving in 2024.