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Bitcoin Target Analyst Will be US$50,000, When?

Bitcoin (BTC) assets, which are now increasingly attracting the attention of institutional investors and taking over big companies like BlackRock, have experienced a slight decline as of Tuesday (18/7/2023) night. Many analysts think that this is one of the corrections for Bitcoin's rebound higher.

A well-known crypto analyst named Plan B, predicts that Bitcoin (BTC) could reach between US$40,000 and US$50,000 in the coming months. He conveyed this through his YouTube channel, where he claimed that there would be a surge in Bitcoin prices when approaching the halving in 2024.

Bitcoin Target Analyst Will be US$50,000, When?

“I use the 200-week moving average (MA) to estimate where the price of Bitcoin will go when the halving occurs in April 2024,” said Plan B, as reported by Youtube.

According to him, the 200-week MA increases by about US$ 500 per month, which results in a value of around US$ 32,000 at the time of the halving.

“However, Bitcoin prices typically stay about 50 percent above their moving averages, which suggests a potential $40,000 to $50,000 range for Bitcoin at the time of the halving,” he said.

Meanwhile last month, he also highlighted indicators showing that BTC is gearing up for a bull run, based on market cap. This indicator is based on the price of BTC moving above its two year realized cost price, which has historically signaled an impending rally.

Is Bitcoin Really Bullish?

However, another analyst on Twitter under the pseudonym Honey_xbt or Honey indicated to his followers that there would be a big downside move. In its statement, Honey anticipates Bitcoin price to reach US$32,000, which is expected to be a temporary peak.

The chart he shared also shows a potential scenario where the price will rise to around US$34,000. However, he also warned that this move may be a strategy to "trap" investors hoping for further growth.

After this potential pitfall, he also stated that BTC could experience a sharp drop to a range between US$ 25,000 and US$ 28,000.

“I will wait for US$32,000, which I believe will be the peak. We will probably reach the US$ 34,000 mark, to trap late buyers. From there, it is likely that there will be a dump to US$ 25,000 – US$ 28,000, and eventually put the bottom in Q4 (December) around US$ 20,000," concluded Honey.

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