Thursday, February 22, 2024

Bitcoin (BTC) Predicted to Rally as Top Crypto Analysts Set Bullish Targets

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In a rare show of alignment, Bitcoin (BTC) is generating excitement among crypto enthusiasts as three prominent analysts share a bullish outlook for the leading cryptocurrency. These analysts, Michaël van de Poppe, Kaleo, and Bluntz, have expressed optimism about Bitcoin’s potential for a significant price surge. 

Michaël van de Poppe Sees Bullish Signals for Bitcoin

In a recent update to his Twitter followers, crypto strategist Michaël van de Poppe has shed light on the encouraging signs visible on Bitcoin’s weekly chart. Despite moving mostly sideways and downwards since April, Bitcoin’s current price at $27,000 may seem discouraging for a potential rally anytime soon. 

However, according to van de Poppe, despite the recent retreat from the psychological resistance level of $30,000, Bitcoin is still trading above two crucial technical indicators. He believes that Bitcoin’s upward momentum will continue, with a projected test of $27,600 and a potential rally toward the $38,000 to $42,000 range.

#Bitcoin breaks upwards and tests $27,600.

Good signs.

Weekly timeframe; Holding 200 MA and EMA.

I think we’re continuing towards $38,000-42,000 from here. pic.twitter.com/gduHkOFUHu

— Michaël van de Poppe (@CryptoMichNL) May 15, 2023

Kaleo says “$40,000 is still a magnet.

Joining the bullish sentiment, popular crypto analyst Kaleo predicts Bitcoin will attain new yearly highs. Kaleo highlights Bitcoin’s reclaiming of support of around $27,000 as a significant development. He views this as a compelling risk/reward long setup, suggesting the possibility of a return to range highs. Kaleo maintains a target of $40,000, a level that continues to exert a magnetic pull on Bitcoin.

Bluntz Anticipates Resumption of Bitcoin’s Uptrend

Renowned for accurately calling the 2018 Bitcoin bottom, pseudonymous trader Bluntz shares an optimistic outlook on Bitcoin’s price action. Analyzing the daily chart, Bluntz notes positive follow-through candles after a reversal on Friday. Indicating a potential completion of the three-wave ABC corrective move from $30,000, he suggests that Bitcoin may be preparing for new all-time highs. Despite prevailing sentiment anticipating further downside, Bluntz emphasizes the potential for a renewed uptrend.

starting to get some nice follow through candles on daily for #btc after fridays reversal.

if this was a 3 wave abc down complete then new highs are potentially on the table.

sentiment does seem to have flipped down here with many expecting further downside now pic.twitter.com/gAOZuFJ9ha

— Bluntz (@Bluntz_Capital) May 15, 2023

As of writing, Bitcoin is trading at $27,072, and it remains to be interesting to see whether it will reach the price targets set by these experts. Do you think the price targets of $38,000 to $42,000 will ignite some fire in the pit as BTC is expected to reach the ultimate target of $1M? Tell us your views. 

As Michaël van de Poppe rightly said, “The market always surprises us. So, let’s see what happens next.”

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Photo of Qadir AK

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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It appears that the Bitcoin (BTC) rally is far from over as bullish predictions from top crypto analytics have been recently revealed. The world’s leading digital asset by market capitalization has managed to cruise past the $30,000 mark and is now projected to increase at a much faster rate in the coming months.

The uptrend in Bitcoin’s value can partially be attributed to its massive institutional adoption, with companies like MicroStrategy and Square leading the way. According to data compiled by Skew, over 930,000 BTC coins are currently purchased by these companies. Furthermore, analytic firms such as Galaxy Digital, Glassnode and Pantera Capital have established bullish price targets for the leading crypto asset, predicting that it is likely to reach highs of approx. $50,000 in the near future.

These optimistic outlooks are primarily due to the rising demand for BTC, especially from institutional investors, and the increasing instability of both the U.S. dollar and stock markets. Analyst data also suggests that BTC’s recent rally was a result of many institutional investors buying the asset on the dips, which ultimately created higher demand.

In addition to this, the Federal Reserve continues to pump the U.S. markets with an influx of cash, further reducing the value of the dollar and contributing to the bullish rally of BTC. If indeed the asset continues to grow at the same rate, it is estimated that it could reach highs of up to $100,000 in the upcoming years.

Despite its strong rally, Bitcoin is still an unpredictable asset. Critics and financial analysts alike have cited that it could tanks just as quickly as it skyrocketed. It is, therefore, highly advised that potential investors actively research the asset and its market before investing.

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