Terra Classic

Bitcoin

Rekt

<div class="finbold">
 <p class="paragraph">While the spot-Bitcoin ETFs started trading just a little over a month ago, the reaction of Bitcoin (BTC) was suboptimal, as it briefly retreated below the $40,000 threshold, surprising many and echoing bearish predictions.</p>
 <p class="paragraph">However, in recent days, the flagship crypto appears to be on a steady road to recovery, surpassing the $47,000 mark as the inflows into ETFs begin to stabilize.</p>
 <p class="paragraph">BTC is probably seeking liquidity levels above previous highs, potentially surpassing the threshold of $51,800 before the upcoming halving event, according to cryptocurrency <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> Michael van de Poppe’s post on X on February 9.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“It seems likely we’re looking for the liquidity above the highs and perhaps the one above $51,800 pre-halving. The markets are strong. Dips of 20% on Bitcoin are a buy.”</p>
 </blockquote>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="539" src="https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp" alt="Price range determination for BTC price. Source: Michael van de Poppe
" class="wp-image-154184" srcset="https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/6ef2039d64b49389f81b2f57259ad740.webp 1634w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Price range determination for BTC price. Source: Michael van de Poppe
  </figcaption>
 </figure>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444" /> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444" />
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Cocoa end of 2024 price prediction <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Huge XRP short squeeze on the horizon <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Terra Classic to the moon? LUNC shoots 15% in a week on major proposal approval <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies under $0.10 to buy next week <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">The range low looks set just below the threshold of $38,126.</p>
 <p class="paragraph">However, based on the recent strong performances, van de Poppe readjusted his range of high predictions, which might now go up from $55,000 to $58,000 before the halving event.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#Bitcoin above $47,000.<br><br>The range is still clear, $48,000-50,000 as a potential high for the upcoming period, but given the recent strength, we might see $53,000-55,000 pre-halving.</p>— Michaël van de Poppe (@CryptoMichNL) February 9, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-a-usual-historical-movement-before-halving">A usual historical movement before halving</h2>
 <p class="paragraph">Looking at the historical movements, it is easy to deduce patterns of price movements and notable surges and dips. When it comes to halving events, Bitcoin is quite repetitive.</p>
 <p class="paragraph">Crypto analyst <em>Rekt Capital</em> sees the maiden crypto currently experiencing a pre-halving rally, a phenomenon observed historically to occur approximately two months before its halving event.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="745" src="https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp" alt="The historical price movement of BTC before halving. Source: Rekt Capital" class="wp-image-154185" srcset="https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/ea398b964c8cdc1e43f2472487839cd8.webp 1858w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   The historical price movement of BTC before halving. Source: Rekt Capital
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="technical-indicators-point-above-50000">Technical indicators point above $50,000</h2>
 <p class="paragraph">Analyzing the technical aspects, it is noteworthy that a bullish trend has emerged. Bitcoin has successfully surpassed the resistance level of $44,000, indicating a significant breakout in the market.</p>
 <p class="paragraph">This breakout is a robust indication of the prevailing bullish sentiment and suggests the potential for further gains in the market. Additionally, the importance of the weekly closing above $47,000 is a crucial technical confirmation of a new bullish trend. This level holds significance in determining the direction of the market.</p>
 <p class="paragraph">The Relative Strength Index (RSI) chart is a momentum-based visualization tool for analyzing the Bitcoin market. It gauges the velocity and the scale of directional price changes within Bitcoin. BTC’s RSI is 71, placing it in the overbought territory.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="167" src="https://cdn.thebittimes.com/images/2024/02/09/af68a872970630e6904b778cd289101a.webp" alt="BTC RSI chart. Source: TradingView" class="wp-image-154186" srcset="https://cdn.thebittimes.com/images/2024/02/09/af68a872970630e6904b778cd289101a.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/af68a872970630e6904b778cd289101a.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/af68a872970630e6904b778cd289101a.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/af68a872970630e6904b778cd289101a.webp 1488w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC RSI chart. Source: TradingView
  </figcaption>
 </figure>
 <p class="paragraph">Upon further examination of the technical indicators, we observe a ‘strong buy’ rating of 16, indicating a favorable sentiment. Now at 14, the moving averages also trend toward a ‘strong buy.’ However, oscillators currently indicate a ‘neutral’ rating of 8.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="230" src="https://cdn.thebittimes.com/images/2024/02/09/01d68f5ec6d37800eca98cb75a6a23fb.webp" alt="Technical analysis of BTC. Source: TradingView" class="wp-image-154187" srcset="https://cdn.thebittimes.com/images/2024/02/09/01d68f5ec6d37800eca98cb75a6a23fb.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/01d68f5ec6d37800eca98cb75a6a23fb.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/01d68f5ec6d37800eca98cb75a6a23fb.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/01d68f5ec6d37800eca98cb75a6a23fb.webp 1458w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Technical analysis of BTC. Source: TradingView
  </figcaption>
 </figure>
 <p class="paragraph">It is essential to note the ease in Bitcoin’s price recovery, which signifies strong backing that may propel it toward further price gains, but whether that is $50,000, below, or more remains to be seen.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-expert-predicts-bitcoin-to-rocket-above-50k-tbt79395.html">https://thebittimes.com/crypto-expert-predicts-bitcoin-to-rocket-above-50k-tbt79395.html</a></p>

Crypto expert predicts Bitcoin to rocket above $50k

Table of Contents

TheBitTimes

Other articles published on Feb 9, 2024

Expedia (EXPE) Stumbles on Bookings Despite Earnings Beat, Drags Down Travel Stocks

Rebel Satoshi ($RBLZ) Presale Seems Like Easy 10x As Stacks (STX) And Hedera (HBAR) Hit Bearish H...

How is Do Kwon Winning? Extradition Decision Overturned Again

Do Kwon’s Ex-Terra Financial Chief Pressed With Charges In South Korea

Bankrupt Lender Genesis Global Settles Lawsuit With NYAG Letitia James

Daily Market Review: BTC, ETH, XMR, TIA, INJ

Join our free newsletter for daily crypto updates!