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Bitcoin Price Likely to Test $47,000-$50,000 for This Key Reason: Top Analyst

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Tue, 19/12/2023 - 13:15
Bitcoin Price Likely to Test $47,000-$50,000 for This Key Reason: Top Analyst
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Cryptocurrency trader and analyst from Amsterdam Michael van de Poppe has taken to X/Twitter social media platform to share a Bitcoin price prediction following the one he made recently.

Poppe has named the key reason why he expects the flagship cryptocurrency to test new highs soon.

“Bitcoin correction seems over”

Poppe tweeted that, as he predicted, Bitcoin has indeed tested the lower levels and did not pick the liquidity beneath those lows. Still, the analyst reckons that the correction is over by now and the leading cryptocurrency is ready to test $47,000-$50,000 now.

The major reason for the expected price surge Michael van de Poppe believes to be the much-expected approval of Bitcoin spot ETFs – BlackRock, Fidelity, Ark Investment and ETFs filed for by other Wall Street financial companies. Many experts, including top Bloomberg analysts, expect the SEC regulator to approve Bitcoin ETFs in early January.

On Dec. 18, the analyst tweeted that it would be reasonable to expect Bitcoin to “sweep the lows” before it grinds back up.

Poppe believes the main reason for BTC's sweeping lows to be “profit taking end of year.” The expert also added that he believes this week or early next week, Bitcoin will reverse and start climbing the charts once again.

Related

At the time of this writing, Bitcoin is changing hands at the $43,17 level after showcasing a price increase by 5.85% within the last 24 hours.

Bitcoin to go forward in 2024: Michael Saylor

MicroStrategy business intelligence giant’s Michael Saylor recently stated in an interview, when answering a question about MicroStrategy's Bitcoin strategy, that he expects Bitcoin to “go forward in the year 2024.”

Since Bitcoin is the only commodity approved by U.S. financial regulators (since BTC has no centralized issuer), unlike other cryptocurrency assets, a strategy based on BTC is a safe one for institutions, per Saylor.

Saylor attributes the recent Bitcoin rally to the fact that all global spheres of life are going through a digital transformation, and BTC helps to transform capital. This is what Saylor believes is driving the trends. He recalled his earlier statement, where he said that if Bitcoin is not going to zero, it is going to $1,000,000.

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