It has been just revealed that the trust in Bitcoin is going to the moon these days, considering the latest price prediction. Check out what’s this all about below.

According to a well-known crypto analyst, Bitcoin (BTC) may hit the $50,000 mark by April 2024.

The trader, Michaël van de Poppe, hopped on the social media platform X, and predicted that the leading cryptocurrency would experience a substantial surge before the halving and then pull back to its current levels.

“It’s expected to see Bitcoin reach $45,000-$50,000 pre-halving, after which we’ll have a heavy correction back to $32,000-$35,000 and consolidate from there.

Cycles repeat themselves and Bitcoin has been suffering a lot the past two years.”

According to Van de Poppe, the leading cryptocurrency by market cap, Bitcoin, is currently approaching a pivotal resistance level.

The resistance range is between $38,000 and $40,000, and Van de Poppe does not expect a breakout in one go. Instead, he suggests that consolidation beneath the resistance level is the best course of action.

Van de Poppe also notes that the first test is usually not a breaker. If a correction occurs, it would be an opportunity to position oneself for a long-term investment.

Additionally, two news stories that have emerged today are likely to cause Bitcoin to reach a local top before it corrects.

“Bitcoin reaches a higher timeframe resistance at $38,000.

Ethereum Spot ETF (exchange-traded fund) Filing from BlackRock.

Both news items which call for a temporary top and liquidation of the long positions.”

He continued and said:

“Dips are likely to happen, make sure to use those dips for entries.”

BTC is trading at $36,550 at the time of writing this article. Stay tuned for more juicy news from the crypto space, and make sure to keep your eyes peeled on the market because it’s getting hotter and hotter.