- 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 to correct, again
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.
Corrections remain to be relatively shallow.
— Michaël van de Poppe (@CryptoMichNL) February 20, 2023
I think that we'll continue the run towards $35-40K before we'll have a harsh correction, maybe even to $20-25K.
Maximize profits, start allocating towards $USDT the higher we come, buy on the correction in second half of 2023.
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.
What’s next for Bitcoin price
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.
Super Bearish #Bitcoin Chart pic.twitter.com/NsOZBX30Qr
— TomCrown.btc (@TomCrownCrypto) February 20, 2023
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.
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.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.