Analyst forecasts Bitcoin to rise to $50,000 ahead of the halving

Trader and analyst Michael van de Poppe estimated the duration of the current correction at four to six weeks. In his calculations, the subsequent rally will push the price of digital gold to $50,000.

“Do whatever you want, but the bull is already on the horizon. Only four to six weeks remain, and after that we will go only up,” — he said.

The specialist justified his calculations by comparing cycles. Due to halvings they show good comparability, he explained.

The analyst found similarities between the current dynamics and the events of 2015-2016 due to the emergence of a large group of new participants. In that cycle the leading cryptocurrency doubled relative to pre-halving levels.

Applying this ratio to the present day, van de Poppe arrived at a range of $50,000-$55,000. He suggested that movement toward it could occur following the approval of the Bitcoin-ETF.

“There are 250 days left until the halving; the current period can be described as the final pullback before the continuation of the bull market. In the run-up to its resumption we may see [a return to the mark] at $24,000,” — he said.

The trader noted market participants’ pessimism, especially regarding altcoins. A reversal typically occurs when no one expects it and no one wants to see it, he emphasised.

Arthur Hayes, founder of BitMEX, agrees with Van de Poppe.

As reported, on 12 December 2022 Hayes stated that the first cryptocurrency had hit its bottom, and five months later predicted its new rally by 2024.

In July 2023, the former BitMEX CEO added that by 2025-2026 the AI economy would account for up to 50% of global GDP, after which Bitcoin would reach $760 000.