Bitcoin Price To Hit $50K in Next 2-3 Weeks – Michaël van de Poppe

2 weeks ago 41

Bitcoin’s (BTC) price opened on a weak note after registering a 15 percent uptick last week. Despite the heightened demand from crypto whale traders, the flagship coin has formed a possible reversal pattern in the lower time frame.

In the 2-hour time frame, Bitcoin price has formed a possible double top coupled with a bearish divergence on the Relative Strength Index (RSI). The Bitcoin reversal sentiments are also bolstered by the fact that more than 93 percent of Bitcoin’s supply is in profit, which has historically signaled market tops.

Nevertheless, on-chain data shows that Bitcoin whales have been on a buying spree in the past three weeks, whereby the whales acquired 140,000 BTCs worth around $6.16 billion. 

Bitcoin Price Short-Term Targets

#Bitcoin looking at the resistance.

Massive weekly candle, through which Bitcoin is back above $48,000.

I'm personally interested what price will do around $50,000 in the upcoming 1-2 weeks. pic.twitter.com/6I927U20pg

— Michaël van de Poppe (@CryptoMichNL) February 12, 2024

According to a popular crypto analyst, Michaël van de Poppe, Bitcoin price is approaching the psychological resistance level of around $50,000 after an impressive performance in the past few weeks.

As a result, Poppe highlighted that the next two weeks will decide if Bitcoin price falls back towards the support range between $32,627 and $38,126 or continues in a bullish outlook toward the next significant resistance level around $57,000.

Bigger Picture

As Bitcoin price rallied above $48k in the past few days, the flagship coin is trading to continue in a bullish outlook in the near term. Meanwhile, the altcoin confidence has dropped gradually as Bitcoin’s dominance continues to rise beyond 54 percent.

Furthermore, the ETH/BTC pair has threatened to drop further, which could delay the much-anticipated altcoin season.

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Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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