Bitcoin is backed to hit $50K in the coming months, according to prominent analyst Michael Van de Poppe. Its recent strong performance has provided a catalyst for massive market optimism from both analysts and investors.
He believes that Bitcoin will then trade sideways for a prolonged period of time before making a new all-time high . Van de Poppe also notes that after hitting $45-$50K, there will be a pullback toward the mid-$30K range before another rally towards $50K.The tweet notes that the resistance will likely break, and Bitcoin will “take the liquidity above the highs.” Essentially, this means that the analyst expects a lot of short sellers to have stop losses placed in this region, which will be hit when Bitcoin breaks above.However, he also highlighted liquidity below the $33K support.
So far, the presale has raised a staggering $2.8 million in one month, illustrating the community’s vast interest.
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