For the past couple of days, Bitcoin appears to be unsure of the next price action as the price remains stuck within a range. With negligible bullish and bearish pressures, the volatility of the token has also been chopped off to a large extent. However, it was believed that the current phase could be nothing but a strong accumulation of strength, which may eventually result in a bullish breakout, but the current trade setup displays a diverse trend.
The launch of the spot Bitcoin ETF failed to embrace a fresh upswing as the markets remained calm with minor price fluctuations. While the traders speculated the beginning of a bull run in late 2024, the trend is not expected to flip until the end of the year. A popular and well-known crypto analyst, Michael van de Poppe, pens down the year-end predictions of Bitcoin and predicts the price may not hit $50,000.
The above chart displays the BTC price remaining consolidated within the same range for a long time. Moreover, the analyst predicts a major drop may be incoming, which may drag the price back below $40,000 during the start of the H2 trade, which may form the bottom of the year 2024. A rebound could follow but the recovery may be restricted below $50,000 until the end of the year; however, it may rise beyond these levels in early 2025.
“The range is still relatively clear on Bitcoin.
Assuming we’ve seen the end of the correction after the ETF launch, it seems likely that we’re going to consolidate from here,
Perhaps another run to $48-50K and time for Altcoins to outperform,”
Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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