MikybullCrypto, a leading crypto analyst, predicts Bitcoin’s price could surge to $50,000 before encountering a substantial correction. Meanwhile, the forecast is based on the historical market cycles, macro correction, and pre-halving periods, suggesting a strong chance of Bitcoin making a significant jump soon.
BTC To Hit $50K
In a recent post on X, notable crypto analyst MikybullCrypto sheds light on the current market scenario, drawing attention to the Spot ETF launch and its impact, often considered a “sell the news” event.
Looking at Bitcoin’s monthly chart, there’s a pattern called a doji, indicating that people in the market are not sure what to do.
Analysts point out towards Supertrend indicator, a trusted tool for many analysts, which continues to hover in bearish territory. The key factor contributing to this bearish sentiment is Bitcoin’s inability to secure a monthly close above the critical $45,000 mark—an achievement anticipated later this month.
Delving further into analysis MikybullCrypto highlights historical patterns, pointing out that the Relative Strength Index (RSI) historically reaches around 67 levels in the pre-halving period before a macro correction occurs.
Meanwhile, the prediction suggests Bitcoin might reach the $50,000 threshold before undergoing a substantial correction.
Bullish February, March Correction?
Aligning with MortensenBach’s Bitcoin seasonality chart MikybullCrypto’s analysis indicates a bullish February followed by a potential correction in March. Currently navigating a consolidation phase, Bitcoin is awaiting key movements.
MikybullCrypto identifies $44,000 and $41,000 as pivotal levels, determining the cryptocurrency’s next move. These levels serve as crucial indicators, either confirming or challenging the presented data.
As of now, Bitcoin is trading at $42,961, marking a modest 6.9% increase over the past week. Examining the 24-hour trading volume, a decline of 24.1% is noted, with the market cap hovering around $845.12 billion.