The cryptocurrency industry has been exposed to high volatility after Bitcoin finally soared to $53,000. After reaching this level, the cryptocurrency faced a noticeable decline in its value. However, one cryptocurrency analyst predicted that the price could continue to soar, highlighting the enduring strength of Bitcoin's upward momentum.
BTC price needs to stabilize
Despite the recent bearish trend seen over the past few days, prominent crypto analyst Michael van de Poppe remains optimistic about the Bitcoin price. While sharing the BTC price chart, the cryptocurrency analyst highlighted that Bitcoin's current position is above $50,000, indicating strength.
However, it made clear that if Bitcoin fails to maintain its current resistance area, a broader price correction could occur. Poppe reassured the crypto community, clarifying that while price corrections can be sudden and “troubling,” they are usually short-lived.
The analyst also revealed that despite the success of the spot Bitcoin ETF market, relying on ETF inflows alone will not be enough to push the price of Bitcoin to $100,000 within two months. He asserted that Bitcoin's price trend remains very bullish, noting that the surge is not temporary and is likely to unfold gradually over time.
Analysts expect Bitcoin to soar to $58,000
In his X post, Poppe highlighted two potential scenarios for Bitcoin price movements. The analyst highlighted a key zone to watch within the $48,000 to $49,500 price range, hinting at a possible downtrend.
Meanwhile, Poppe revealed that the price of Bitcoin could experience a surge to new highs. He explained that if Bitcoin succeeds in breaking through a certain high level, the cryptocurrency could reach a local top of $54,000 to $58,000.
Additionally, the cryptocurrency analyst presented a Bitcoin price chart that shows a significant upward trend in Bitcoin. He predicted a short-term correction for the cryptocurrency, after which the price could rise to levels near $60,000.
“We expect a short-term correction before an eventual push to $54,000 to $58,000, but after that the current pre-halving run will probably end,” Poppe said. Ta.
