Renowned Netherland-based cryptocurrency analyst Michaël van de Poppe, on X, has shared an optimistic outlook for Bitcoin, suggesting a potential surge in price to $50,000 in a matter of weeks. Poppe’s optimism was shared in a very concise post on his verified X page.

This forecast comes amidst a backdrop of growing anticipation surrounding the possibility of spot Bitcoin exchange-traded fund (ETF) driving massive BTC accumulation, as institutional interest in Bitcoin continues to escalate and regulatory dynamics keep shifting.

Bitcoin Price Trajectory Analysis

Michael van de Poppe’s analysis hinges on Bitcoin’s current position relative to key resistance levels, with a particular focus on a notable weekly candle that propelled Bitcoin’s price above the $48,000 mark. The analyst believes that Bitcoin’s price will peak around the $50,000 threshold in the next 1-2 weeks, indicating a critical juncture in determining the cryptocurrency’s upward momentum.

Similar predictions were made in 2020 at the last halving with the the analysts forecasting Bitcoin price breaking weekly resistance and increasing by over 5% at the time, resulting in a win for the whole crypto market.

The anticipation of Bitcoin’s price surge to $50,000 is deeply intertwined with the growing excitement that trailed the approval of Bitcoin ETF. Following the launch of Spot Bitcoin ETFs in the US, which saw $1.1 billion in net inflows in just the previous week, there have been massive inflows up to $2.8 billion demonstrating a robust investor demand for exposure to Bitcoin inside the established financial system.

With almost 98% of all inflows going to Bitcoin, the cryptocurrency continues to be the main draw for investors. With the halving speculation gripping the crypto market, this could further drive the price as leading cryptocurrency participant MicroStrategy recently revealed an unrealized return on their investment in Bitcoin worth about $3.2 billion.

Market Sentiment and Future Outlook

Michael van de Poppe’s bullish forecast aligns with the prevailing sentiment in the crypto market, where many anticipate a surge in Bitcoin’s price driven by ETF-related hype.

The successful breach of the $50,000 resistance level in the coming weeks could signify a significant milestone for Bitcoin, potentially validating its status as a mainstream investment asset and setting the stage for continued price appreciation.

As Bitcoin’s price trajectory continues to capture the attention of investors and analysts, the prospect of a surge to $50,000 amid ETF excitement remains to be seen. Although the future remains uncertain, the broader market sentiment reflects a collective anticipation of bullish momentum with industry experts like Samson Mow predicting a $1 million price target.

The post Bitcoin (BTC) Price Tipped to Hit $50,000 in Weeks on ETF Hype appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am