Bitcoin Ready for a Big Rally as Spot ETF Optimism Sparks $50,000 Target

    Crypto analyst Michael van de Poppe has recently shared his latest Bitcoin price prediction on X. Van de Poppe has now set his sights on new heights for the flagship cryptocurrency.

    In a recent post, the analyst expressed confidence that Bitcoin has concluded its corrective phase and is primed to test the $47,000-$50,000 range soon.

    Van de Poppe’s optimism stems from a critical market development: the potential approval of spot BTC exchange-traded fund (ETF) by major financial entities like BlackRock, Fidelity, and Ark Investment. This anticipated move, widely supported by industry experts, could catalyze BTC’s leap.

    The SEC’s expected nod in early January could unlock unprecedented market dynamics, propelling Bitcoin to new highs.

    Meanwhile: Recovery Found In Key Supply Zone

    Amid the waves of predictions, Michael van de Poppe isn’t alone in his bullish outlook. Ali, another market analyst, has raised concerns over Bitcoin’s recent slip below a crucial supply zone, ranging from $41,200 to $42,400.

    Leveraging on-chain data from IntoTheBlock, Ali pointed out that this zone is a stronghold for 1.87 million addresses, cumulatively holding around 730,000 BTC. He warns that a breach below this level could trigger a sell-off, potentially pushing Bitcoin down to the next demand zone between $37,500 and $38,700.

    However, in a positive twist, Bitcoin has shown signs of recovery, surpassing the $42,400 mark. In the past 24 hours, Bitcoin has witnessed a near 3% rise, trading around $42,548 at the time of writing. This resurgence is a strong indicator that Bitcoin has re-entered and solidified its position in the critical supply zone identified by Ali.

    Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on

    Bitcoin Path To $200,000 By 2024

    Beyond these immediate forecasts, Dan Tapiero, Managing Partner at 10T Holdings, envisions a broader transformation for Bitcoin and the crypto market. Tapiero, echoing insights from Real Vision’s CEO Raoul Paul, predicts that BTC could surge to over $200,000 by May 2024.

    This bullish trajectory is not just mere speculation. Still, it is backed by the anticipation of a significant liquidity influx into the BTC market, especially with the potential SEC approval of spot Bitcoin ETFs.

    Introducing these spot ETFs, especially from traditional finance stalwarts like BlackRock, is poised to be a game-changer. It offers institutional investors a regulated avenue to dive into BTC, thereby enhancing the coin’s liquidity and, consequently, its market value.

    As more institutions embrace Bitcoin, its liquidity is expected to spike, setting the stage for substantial price increases.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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