Bitcoin (BTC) held near $42,000 on January 27th as a rally in BTC price late in the week gave traders confidence in new upside.
Bitcoin likely to re-challenge $48,000
Cointelegraph Markets Pro and TradingView Showing off a classic cool weekend price action, the focus was $41,800.
It rose 5% a day earlier, with Cointelegraph reporting that market conditions have improved compared to the past few weeks.
The same topics were gaining attention: outflows from exchange-traded funds (ETFs), selling pressure from defunct exchanges FTX and Mt. Gox, and halving of block subsidies.
Michaël van de Poppe, founder and CEO of MN Trading, told viewers in his latest YouTube update that he still believes the current BTC price correction is over.
He predicted a rally to the high end of the long-term range between now and the April halving, but did not discount the possibility of finding liquidity in the mid-to-low $30,000 zone.
“We'll probably see one more rally to $48,000 before then, and then a final correction,” he summarized.
Van de Poppe argued that the negative effects of FTX, Mt. Gox and GBTC's maneuvers will become less noticeable over time.
“Bitcoin is likely to consolidate between $37,000 and $48,000 in the coming months,” he added. Subsequent posts On X (old Twitter).
“In this period, time will come for altcoins. The real impact on ETFs will be seen within the next few years, with Bitcoin prices between $300,000 and $500,000.”
As Cointelegraph noted, not everyone believes Bitcoin is out of the woods, with some predicting it will return to $30,000 or even less in the coming months.
$41,300 becomes the crunch level for BTC price
Popular trader and analyst Recto Capital continued to draw attention to the importance of the upcoming weekly closing price on a shorter time frame.
Related: 3 reasons why Bitcoin reached $38,500, marking an “ETF decline”
BTC records daily candlestick close above range low
if $BTC I can successfully retest Range Low this weekend as a support…
This allows for a weekly close that confirms a return to this range that Bitcoin lost to earlier this week.#cipher #bitcoin https://t.co/3kWyjop7l5 pic.twitter.com/T8vSMBbYa0
— Rect Capital (@rektcapital) January 27, 2024
“Bitcoin has seen a strong reaction this week as it slowly attempts to regain the ground it lost earlier this week,” he said. continuation.
“A weekly close above the range low of around $41,300 could be enough to save the range.”
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
