Bitcoin (BTC) Gearing Up to Reach $50,000 in the Upcoming Weeks, Technical Indicators Suggest

A crypto analyst predicts that Bitcoin could surge to $50k in just four weeks, thanks to the upcoming halving event.
Michael van de Poppe, also predicts that Bitcoin may hit $50k by January 2024. 

Bitcoin (BTC) is currently trading at $34,417.32 after an incredible surge of 22 percent in the last 30 days. Currently, the market is facing a crucial resistance level at $35k. The market sentiment is also neutral, indicating serious indecision as bears and bulls struggle for control. Interestingly, a renowned crypto analyst, Adrian Zduńczyk, has in his latest post on X predicted that Bitcoin can hit $50k in just four weeks. 

Will #Bitcoin hit $50k in next 4 weeks? I don’t have a crystal ball, yet reliable technical studies say it’s possible.

According to him, there is a positive outlook in the market as the Fear and Greed index shows a reading of 66. At the current price, miners are in slight profit, and investors could also go in for a greater price point before exiting the position. 

In his post, Zduńczyk explained that the current indication of the Golden Cross and the movement of the 200-day trend points indicates a bullish continuation. On top of this, his prediction is confirmed by the SPX correlation which has been at its lowest in four years, coupled with the trade setup. More interestingly, the anticipation surrounding the upcoming Bitcoin halving was also cited to be a catalyst. 

Another Analyst Agrees to the $50k Run by Bitcoin

According to the analyst, whales may likely get into the market to purchase the asset aggressively before the event. This, in addition to the possible spot Bitcoin ETF approval could cause another bull run to his predicted price level. 

78-week breakout. Starts bull wave #3. SPX correlation lowest in 4 years (BTC is hedge). Long-term trends rising. Anticipation: ETFs & halving…Min. +17% profit secured (BPRO CTF Trailer). Key support @ $33k. Bulls in charge.

Zduńczyk also stated that Bitcoin made a 27 percent gain in October, and could make a 40 percent surge on average in November to hit $50k. It is important to note that analyst Michael van de Poppe, also agrees that Bitcoin could reach this level, but in the coming months. However, there could be a price correction and a subsequent bull run that could see the asset setting a new all-time-high price record. 

We will see that Bitcoin’s resistance is at $38,000, but most likely we will continue to progress between $45,000 and $50,000 before halving. After that, we will consolidate and move sideways for a long time before starting to make new ATHs.

The analyst shared a chart that indicates that the $50k price prediction could materialize in January 2024. However, the market is currently experiencing a slight correction which could send the price down to $33k. Once the lower limit is reached, there could be a potential downward trend and a possible long opportunity. Another price prediction platform has also forecasted that the asset could close the year at a maximum trading price of $62k. 

In the last seven days, Bitcoin has surged by 1.6 percent, and 0.90 percent in the last 24 hours. In the past day, Bitcoin has recorded a trading volume of $14,909,830,506. 

 

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