ISTANBUL, TURKEY – JANUARY 17, 2018: A person in a suit holding a commemorative Bitcoin coin on a dark background. Bitcoin is a cryptocurrency and a global payment system.
The tide appears to be turning in favor of Bitcoin price as the market leader has regained the $42,000 level for the second time in recent days. According to CoinGecko data, this top cryptocurrency recorded a gain of 1.1% on the weekly basis.
Although Bitcoin appears to be gaining positive momentum at the moment, outflows from the Grayscale BTC ETF (GBTC) continue to raise fears in investors’ minds that bearish pressure will continue. However, a prominent crypto analyst claimed that the price correction is over and provided insight into the flagship coin’s recent movements.
Will BTC price rise again at $48,000?
Cryptocurrency expert and analyst Michael Van de Poppe declared in his latest YouTube video that he believes the Bitcoin price correction is over for now. The premium cryptocurrency experienced a nearly 10% price decline after hitting a multi-month high of around $49,000 on January 11, when the Bitcoin Spot ETF began trading in the US. .
While it is commonly believed that the price drop was related to investors cashing out their shares in Grayscale Bitcoin Trust, Van de Poppe said this was due to the market going through a correction. He argues that it is just one of the negative events that sometimes attract attention. The analyst also highlighted the recent news that Mt. Gox paid around 200,000 BTC to a past customer in another similar incident.
However, De Poppe speculated that selling pressure may subside slightly and the price of Bitcoin could rise to $48,000 one more time before the halving. Although the analyst acknowledges that the Bitcoin halving is a bullish event, he does not think there will be a significant price increase ahead of the halving.
In line with his analysis, Michael van de Poppe expects the price trend of Bitcoin to be in the range of $37,000 to $48,000 in the coming months. Cryptocurrency analysts expect altcoins to continue their positive movement during this period.
Finally, Van de Poppe said a drop to $30,000 is not completely unexpected for the market leader, reiterating his recent bearish forecast. However, experts believe that a retest of $30,000 is unlikely as the crypto market rarely moves in the direction of the crowd.
Bitcoin price update
As of this writing, the price of Bitcoin is $42,124, which reflects an increase of just 0.7% over the past day. With a market capitalization of more than $826 billion, his BTC remains the largest cryptocurrency in the space.
Bitcoin price breaks above the $42,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, Chat from TradingView