Share:
Crypto analyst Michael van de Poppe stated Q3 and Q4 would be essential for accumulating Bitcoin.
On-chain metrics also suggest BTC is expected to enter the re-accumulation phase of its cycle.
In a shorter time frame, Bitcoin price is expected to chart a rise to $26,000 and beyond over the next few days.
Bitcoin price surprised investors across the market after initiating a surprise recovery at the beginning of the year. The rise since then has been indicating repetitions of different bullish setups from the past. However, as per some analysts, the future may not be looking so optimistic.
Bitcoin price recently broke through the $25,000 mark before retracing its steps to trade at $24,758. However, analyst, Michael van de Poppe, is expecting the biggest cryptocurrency in the world to continue its recovery and chart gains to $35,000 to $40,000 over the next couple of weeks.
Although Michael suggests that following the rise to a range high of $40,000, Bitcoin price is bound to crash to $20,000 to $25,000, registering an almost 38% decline considering a dip to the latter level. According to Michael, this is because corrections have remained relatively shallow and could occur somewhere in the second half of the year.
BTC/USD 1-day chart
This would be a perfect opportunity for traders to maximize their profits and begin accumulating. Crypto analyst, Willy Woo, also suggests a similar movement in Bitcoin price. Woo highlighted that BTC could be entering the re-accumulation phase of the Bitcoin cycle, which is a pattern that has been observed in the past as well.
Bitcoin in the re-accumulation zone
The Cumulative Value-days Destroyed (CVDD) line can be seen accurately marking the Bitcoin price bottoms in the past. This was followed by a period of accumulation and price rise. The same is expected soon now that the CVDD line hit the BTC price bottom back in November 2022.
While the aforementioned setups suggest changes over the next few months, the question remains what can be expected from BTC in the next few days. Trolling Twitter with an inverted chart, crypto analyst, Tom Crown, is suggesting a potential retest of the $24,900 mark and a subsequent breakthrough toward $26,000 and beyond.
This movement would establish an ascending triangle pattern for Bitcoin price, making the $25,000 mark an eventual support floor for BTC. If this floor is maintained, the forecasts mentioned earlier might become true.
Share:
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
