Bitcoin BTC Steady Above $51,000 Level Amidst Volatility, Expert Predicts Continued Price Growth
This past week, the entire crypto market has been under high volatility as BTC price touches $53,000. Unfortunately, after reaching this peak, the coin started dropping. This is linked to investors taking profit from the price increase.
However, despite the bearish pressure, a crypto analyst predicted that BTC will continue to grow.
The analyst believes strong momentum will push it higher. BTC's price has found a base above the $51,000 level. This suggests that the bearish pressure is dropping, and the bull wants to take over. In the past 24 hours, prices haven't changed that much, up by nearly 2%.
BTC is trading at $51,900 as of 05:53 a.m. Eastern Time. Its trading volume is hovering around $29.9 billion.
Analyst Predicts Bitcoin Price Rise to $58,000A popular crypto analyst, Michael van de Poppe, recently shared a positive outlook on Bitcoin's price on February 20, 2024. The analyst expects the price to rebound around the $48.5-49.5K area."
This means that even though Bitcoin's price has been going down lately, Poppe says there are signs it could rebound.
At this point, I'm still leaning towards this scenario in which a flush on the downside seems likely.
What's the key zone to watch?
I think $48.5-49.5K area for #Bitcoin. pic.twitter.com/9bsKRgglu1
- Michael van de Poppe (@CryptoMichNL) February 20, 2024
In another tweet that same day, Poppe pointed out that Bitcoin is still over $50,000, which shows strength.But he warns a bigger drop could happen if Bitcoin can't hold current levels. He says price corrections can be rough but usually don't last long.
This implies that Bitcoin will not surge instantly; rather, it builds over time.
A quick drop occurs on the markets, through which #Bitcoin remains above $50K.
Probably a broader correction happens once that area is lost.
If highs are taken, I still expect $54-58K to be a local top. pic.twitter.com/KsHsGuB55B
- Michael van de Poppe (@CryptoMichNL) February 20, 2024
In the tweet, the analyst shared two possible price scenarios. First, Bitcoin could keep falling to around $48,000 - $49,500 before support kicks in.In the second scenario, Bitcoin could blast through resistance and reach $54,000 - $58,000 in the short term.
Additionally, Poppe showed a chart illustrating Bitcoin in a major uptrend. He thinks Bitcoin will go down a little first, then shoot up to around $60,000 before stopping for now.
That's an increase of more than 15.6% from its current value. Poppe's bullish projection and analysis could improve investor sentiment.
If Poppe is right, demand for Bitcoin may rise as more traders bet on new highs coming. Further, another analyst, Rekt Capital, shared a similar prediction on Bitcoin. The analyst believes the coin will rise, but not soon.
Bitcoin could peak in mid-September 2025 or mid-October 2025,
Bitcoin Halving is in April 2024
Next Bull Market peak could occur 518-546 days after the Halving
Bitcoin could peak in mid-September 2025 or mid-October 2025$BTC #Crypto #Bitcoin pic.twitter.com/sdqNdROVMJ
- Rekt Capital (@rektcapital) February 21, 2024
To back his claims, the analyst added a chart showing the price movement of BTC after halving. Based on this chart, the price will likely reach $100,000 after the halving.According to Rekt Capital, the
next Bull Market peak could occur 518-546 days after the Halving.
In all, these analysts predict BTC's price will increase soon, but the bulls need to hold the $50,000 level.
Bitcoin Price Analysis: Bulls Maintain $51,000 Level, Bears Eyeing $50,600 Breakdown
The daily Bitcoin price chart shows bullish support above $51,000. As mentioned above, many experts think the bulls need to defend this support level strongly in order to prevent a larger drop.
In the long run, Bitcoin remains in an overall bullish trend. Right now, the RSI is still high at 73, signaling bullish strength.
Also, Bitcoin is staying above its SMA lines. This indicator points to a bullish sentiment in the long term.Overall, multiple signs point to continued bullish momentum for Bitcoin as long as key support levels hold. The current outlook favors more upside, but the crypto market is always volatile.
Use proper risk management and do your own research before trading Bitcoin.But as BTC price continues to surge above the budget of emerging investors, another altcoin presents a viable opportunity to buy low and sell high in the short term.
Bitcoin Alternative: Smog Token
Smog Token is a new meme coin that entered the crypto market through a fair launch. This gave everyone a fair chance to participate.
This token was launched on the Solana blockchain and has already surged over 3,000% since it started trading. This fast growth shows investors are excited about Smog Token's unique features.
Moreover, the team set aside some portions of the tokens to reward its holders. A full 35% of the total supply will be given out through these airdrops. Smog Token is calling it the Greatest SOL Airdrop of All Time."
You earn points just for keeping Smog Token in your wallet. You can get additional points by being active on its social media.
This creative rewards system, combined with strong marketing efforts and community engagement, makes Smog stand out. It has the potential to reshape the meme coin space on Solana.
Smog Token offers ways to earn more coins beyond just buying and trading. The incentive to hold for airdrops gives Smog more utility.
And while Bitcoin has a fixed supply, the airdrops help grow the Smog ecosystem over time. This expanding supply allows new users to join and benefit. To buy this token now before it flies higher, you just have to download a wallet compatible with the Solana network (Phantom or Trust Wallet).
Open the wallet and search for DEX like Jupiter. Then, you swap your SOL for Smog using its easy-to-use interface. Act now before whales start to buy the token.
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