The cryptocurrency space experienced high volatility after Bitcoin finally rose to $53,000. After reaching this level, the cryptocurrency faced noticeable declines in its value. However, one cryptocurrency analyst predicted that the price may continue to rise, highlighting the enduring strength of Bitcoin's bullish momentum.
BTC price needs to stabilize
Despite the recent bearish trends seen in the past few days, Michael van de Poppe, a prominent cryptocurrency analyst, has maintained an optimistic outlook on Bitcoin's price. Sharing a BTC price chart, the cryptocurrency analyst emphasized Bitcoin's current position above $50,000, showing strength.
However, he revealed that there is potential for a broader price correction if Bitcoin fails to maintain the current resistance zone. To reassure the cryptocurrency community, Bob explained that although price corrections can be sharp and “nasty,” they are usually short-lived.
The analyst also revealed that despite the success of the Spot Bitcoin ETF market, relying solely on ETF flows will not be enough to push the price of Bitcoin to $100,000 within a couple of months. He emphasized that Bitcoin's price trend remains very bullish, noting that increases are likely to unfold gradually over time, rather than in one quick moment.
The analyst expects Bitcoin to rise to $58,000
In his posts on X, Bob highlighted two possible scenarios for Bitcoin price movements. The analyst suggested a possible bias towards the downside, focusing on critical areas to watch within the price range between $48,000 and $49,500.
On the other hand, Bob revealed that the price of Bitcoin may also see a rise to new highs. He explained that if Bitcoin successfully breaks certain highs, the cryptocurrency could achieve a local peak of $54,000 to $58,000.
Furthermore, the cryptocurrency analyst presented a Bitcoin price chart, which shows a significant uptrend for Bitcoin. He expected a short-term correction in the cryptocurrency, followed by a possible price rise to levels near $60,000.
“I expect a short-term correction before a final push to $54-58k, after which we are likely to be out of the current pre-halving trajectory,” Bob said.
