The analyst says that 20% BTC price will drop ‘over’ Bitcoin is going to close every week
Bitcoin (BTC) held close to $42,000 on January 27. BTC's price gains at the end of the week have made traders confident about a fresh uptrend.
Bitcoin is seen retesting $48,000.
Data from Cointelegraph Markets Pro and TradingView showed the entry of a good weekend price action, which is in focus at $41,800.
Up 5% the previous day, Cointelegraph reported improving market conditions compared to previous weeks.
Similar topics were on the radar – exiting ETFs, FTX and Mt. Gox exchange pressures to sell and halve the upcoming block subsidy.
In his latest YouTube update, Michael Van de Pop, founder and CEO of MN Trading, told viewers that he believes the current BTC price correction is over.
Between now and mid-April, he foresees a trip to long-term highs, but hasn't discounted the possibility of liquidation in the mid-to-low-$30,000 zone.
“We're probably going to have one more run to $48,000 before that and then a final correction,” he concluded.
Van de Pop of FTX, Mt. Gox and GBTC argued that the negative impact of manuals would be less visible in time.
“Bitcoin may be consolidating from here, at $37-48k in the coming months.
“During this period, Altcoins will have their time. The real impact on ETFs will come in the next few years, as a result of which the price of Bitcoin will go to $300,000-500,000.”
According to Cointelegraph, not everyone believes that Bitcoin is out of the woods – some will continue to return to $30,000 or even lower in the coming months.
$41,300 will be tricky for BTC's price recovery level.
Prominent short-term trader and analyst Rect Capital drew attention to the significance of the upcoming weekly close.
Related: 3 Reasons Bitcoin Hits $38.5K and Is Marked ‘ETF Dip'
#BTC
BTC performed a daily candle close above the range low
If $BTC can successfully test the low as a support level this weekend…
It will enable a weekly close confirming a return to this range earlier this week #Crypto #Bitcoin pic.twitter.com/T8vSMBbYa0
— Rekt Capital (@rektcapital) January 27, 2024
“Great reaction from Bitcoin this week as it slowly positions itself to regain the range it lost earlier this week,” he continued.
“A weekly close above the $41300 low range may be enough to save the range.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
