Bitcoin will remain below $46,000 for a long time. Reaching $50,000 can be difficult!
Over the past few days, Bitcoin appears to be unsure of the next price action, with the price staying within a certain range. The volatility of the token has also been significantly reduced due to negligible bullish and bearish pressures. However, I believed that the current phase is nothing more than an accumulation of strength and could eventually lead to a bullish breakout, but the current trading setup shows a variety of trends.
The launch of the spot Bitcoin ETF failed to accommodate the new uptrend as the market remained calm with minor price fluctuations. Traders have speculated that a bull market could begin in late 2024, but the trend is not expected to reverse until the end of the year. A famous and well-known cryptocurrency analyst. Michael van de PoppeCreate a year-end forecast for Bitcoin and predict that the price will not reach $50,000.
The chart above shows the BTC price consolidating within the same range for an extended period of time. Moreover, the analyst predicts that a major decline could occur, which could push the price below $40,000 during the start of H2 trading, forming a bottom for 2024. A rebound may follow, but the recovery may be limited to below $50,000. By the end of the year; However, this level may be surpassed by early 2025.
“Bitcoin’s scope is still relatively clear.
Assuming that we have seen the end of the correction after the launch of the ETF, it is likely that consolidation will begin from here.
It will probably go up to $48-50,000 and that will be the time for altcoins to perform better.”