Amid the struggles from Bitcoin to breach $53,000, a prominent analyst is calling for a short-term correction in the cryptocurrency’s price.
The price of Bitcoin (BTC) has had a near V-shape recovery since hitting recent lows in the aftermath of spot Bitcoin ETF approvals in the United States.
The cryptocurrency reached a low of around $38,500 in mid-January but has since bounced back to over $52,000 in the past few days.
The rise has been characterized by very low bearish action, but experienced analyst Michaël van de Poppe expects that to change soon. In a recent X update, Michaël van de Poppe admits that the Bitcoin chart looks great with massive momentum.
However, he anticipates that the leading cryptocurrency will witness a short-term correction. An accompanying chart projects that Bitcoin could revisit the $48,600 zone before moving back to anywhere between $54,000 and $58,000.
The analyst claims that a move in that upward direction will mark Bitcoin’s short-term top. He believes that the range around $58,000 will likely be the end of Bitcoin’s pre-halving run, perhaps allowing the cryptocurrency to prepare for a more epic run later in the year.
The #Bitcoin chart looks great as the momentum is massive.
I’m expecting a short-term correction before a final push to $54-58K and then we’re likely done with this current pre-halving run. pic.twitter.com/sq9GWn0N8M
— Michaël van de Poppe (@CryptoMichNL) February 19, 2024
Will BTC Reach a New High Before the Halving?
Michaël van de Poppe’s latest prediction runs contrary to other speculations that Bitcoin will record a new all-time high before its upcoming halving that is on track for April 2024. Notably, Bitcoin has never set a new all-time high prior to a halving.
Nonetheless, market observers speculate that the incessant demand for BTC by the newly launched ETFs in the United States will be just enough to see Bitcoin break that record.
Since going live in January, the Bitcoin ETFs have gobbled over $5 billion worth of BTC, with this demand outpacing the number of newly minted coins.
At the time of writing, Bitcoin is trading slightly above $52,000, having survived a weekend scare that pushed prices below $51,000.
However, the leading crypto asset maintains its $1 trillion market cap and will hope to add to the figures when the U.S. market reopens on Tuesday from the Washington holidays.
