Bitcoin (BTC) to Hit $50K After Bullish Weekly Divergence, Says Top Analyst

Mon, 12/02/2024 – 11:44

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Bitcoin’s (BTC) price has garnered significant attention recently as it edges closer to the $50,000 mark, driven by a bullish weekly divergence. Top crypto analyst Michaël van de Poppe took to X (formerly Twitter) to highlight Bitcoin’s impressive trajectory, noting its recent break above the $48,000 barrier.

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The renowned analyst remarked that the Bitcoin price is looking at the resistance, highlighted by a massive weekly candle that had pushed Bitcoin back above $48,000. He expressed his interest in seeing what the price would do around $50,000 in the upcoming 1-2 weeks, thereby underscoring the critical resistance level that Bitcoin faces.

The anticipation around Bitcoin’s price movement is further intensified by the upcoming Bitcoin halving event slated for April. Historically, halving events, which reduce the reward for mining new blocks by half, thereby limiting the supply of new coins, have preceded bullish runs in Bitcoin’s value. Van de Poppe has set his sights on the $50,000 target for Bitcoin, attributing his prediction to the halving event’s impact.

Bitcoin price movements

As of the latest update, Bitcoin’s price is $48,011, experiencing a slight downturn of 0.36% over the last 24 hours. However, the week paints a more positive picture, with an 11.19% increase in its value. The trading volume for Bitcoin has also seen a rise, up 7.08% in the last 24 hours, with a total of $20,347,457,133 circulating in trades.

In addition, recent statistics from CoinGlass indicate that Bitcoin saw $31.48 million in liquidations over the past day. This figure includes $18.59 million in long liquidations and $12.90 million in short liquidations, indicating a mixed reaction from Bitcoin traders as they navigate current market conditions.

The cryptocurrency community is closely watching Bitcoin’s performance as it approaches the significant $50,000 threshold. With the halving event on the horizon, many are optimistic about the potential for further gains. However, as with any investment, particularly in the volatile crypto market, risks remain, and investors are advised to conduct thorough research and consider their risk tolerance before making decisions.

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