The price of Bitcoin (BTC) has harvest recent significant attention as it approaches the $50,000 mark, led by a bullish weekly divergence. Leading crypto analyst Michaël van de Poppe took to X (formerly Twitter) to highlight Bitcoin’s impressive trajectory, highlighting its recent break above the $48,000 barrier.
The renowned analyst noted that Bitcoin price is eyeing resistance, highlighted by a huge weekly candle that pushed Bitcoin above $48,000. He expressed his interest in seeing what the price around $50,000 would do in the next 1-2 weeks, thus underlining the critical resistance level that Bitcoin faces.
#Bitcoin observes resistance.
Massive weekly candle, through which Bitcoin returns above $48,000.
I am personally interested in what price will reach $50,000 in the next 1-2 weeks. pic.twitter.com/6I927U20pg
— Michaël van de Poppe (@CryptoMichNL) February 12, 2024
Anticipation about Bitcoin’s price movement is further intensified by the upcoming Bitcoin halving event scheduled for April. Historically, halving events, which reduce the reward for mining new blocks by half, thus limiting the supply of new coins, preceded bullish runs in the value of Bitcoin. Van de Poppe set his sights on the $50,000 target for Bitcoin, attributing his prediction to the impact of the halving event.
Bitcoin price movements
Starting from the last one update, Bitcoin price is at $48,011, registering a slight decline of 0.36% in the last 24 hours. However, the week paints a more positive picture, with an 11.19% increase in its value. Bitcoin trading volume also saw an increase, up 7.08% in the past 24 hours, with total circulating trades of $20,347,457,133.
Furthermore, recent statistics from CoinGlass indicate that Bitcoin saw Settlements of $31.48 million in the last 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 the current market conditions.
The cryptocurrency community is watching Bitcoin closely performance as it approaches the significant threshold of $50,000. With halving on the horizon, many are optimistic about the potential for further gains. However, as with any investment, particularly in the volatile cryptocurrency market, risks remain and investors are advised to conduct thorough research and consider their risk tolerance before making decisions.
