Bitcoin's near V-shaped recovery from $38,500 to $52,000 has analysts buzzing. But renowned analyst Michaël van de Poppe warns of a potential short-term correction before new highs.
He sees Bitcoin revisiting $48,600 before bouncing back to $54,000-$58,000, marking a temporary peak. He believes this could be the end of the pre-halving run, setting the stage for a bigger push later in 2024.
This contradicts predictions of a new all-time high before the April 2024 halving, fuelled by demand from newly launched US Bitcoin ETFs. These ETFs have accumulated over $5 billion in BTC, exceeding new coin creation.
While Bitcoin currently sits above $52,000, it faces a crucial test as the US market reopens after the Washington holidays. Will it conquer $53,000 or succumb to the predicted dip? Only time will tell.
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