As Bitcoin (BTC) continues to trade above the $34,000 zone, the leading cryptocurrency shows heightened momentum that could push the price further upwards.
Having set its eyes on the $37,000 to $38,000 area, leading market analyst Michael van de Poppe believes BTC will soar to this level if it first breaches the resistance located at $34,700.
Bitcoin was hovering around the $34,565 price level at press time, according to CoinGecko data.
The spot BTC ETF approval has been increasing optimism in the Bitcoin market, given that it is deemed a stepping stone toward realising greater heights. Some experts have speculated that if the spot Bitcoin ETF sees the light of day, BTC could surpass the psychological price of $100,000.
On the other hand, retail investors keep a keen eye on the Bitcoin market, given that open interest on the CME exchange recently made history after topping 100,000 BTC.
Therefore, retail investors are continuously jumping on the Bitcoin bandwagon.
Will Bitcoin Hit $50,000 Pre-Halving?
Taking to X, formerly Twitter, Michael van de Poppe stipulated that there was a high likelihood for Bitcoin to skyrocket to the $50,000 zone before the halving event.
He noted, “I think we’ll see Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving.”
Bitcoin halving is an event that prompts the reduction of BTC block rewards by half. The fourth Bitcoin halving event is slated for April 2024, with the third one having taken place in May 2020, and the block rewards were slashed from 12.5 to 6.25 BTC.
Once mining rewards are reduced by half, retrieving Bitcoin becomes more difficult, and the essence of the halving event is to increase BTC’s value based on limited supply.
Therefore, as Bitcoin continues to enjoy a notable bullish momentum, crypto analyst Jason Pizzino believes this could prompt a long-term recovery that could see the leading cryptocurrency hit a new all-time high of $70,000 in September 2024.