A widely followed crypto analyst believes that Bitcoin (BTC) is gearing up for a rally above $50,000 – but the move up will likely be followed by a long consolidation period.
In a new strategy session, analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that he thinks Bitcoin will rally to as high as $52,000 before the next halving.
The halving, which cuts BTC miners’ rewards in half, is slated for April 2024.
Although Van de Poppe has a bullish outlook on BTC in the coming months, he believes that Bitcoin will witness an extended consolidation period after the halving where the crypto king trades in a wide range without printing a new all-time high.
“Pre-halving [we’re] going to have a pump. After that, we’re going to have a consolidation taking place and then we just consolidate into a range until the end of the year and then we start to break the all-time highs and have the parabolic run which we compare 2021 or 2017 with.
So at this point, 2024 is probably not going to be a year where we break the all-time highs.”
Looking at the trader’s chart, he seems to predict that Bitcoin will consolidate between the range low of $38,000 and a high of $48,000 for most of 2024 before surging to a new all-time high the following year.
At time of writing, Bitcoin is trading for $40,933.
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