Bitcoin’s breakout rally in October has markets eagerly anticipating the cryptocurrency’s next moves. Trading at $28,000 on crypto exchanges to start the month, Bitcoin price (BTC) is poised to finish October well above $34,000. That’s a cool 21% monthly return on investment at the Oct 1st price.
Bitcoin Price Prediction: $50,000 A recent analysis by popular cryptocurrency market analyst Michaël van de Poppe puts the BTC spot price in the $45K to $50,000 range sometime before the next halving.
If it’s to reach de Poppe’s predicted price level by April, Bitcoin will have to break through key resistance at $38,000, the technical analyst added in a post on Twitter.
The fourth Bitcoin halving is the latest in a four-year event that cuts new supplies of Bitcoin in half. It has so far followed a historical pattern of boosting the coin’s trading price on crypto exchanges because of the economics of supply and demand.
The next one is expected sometime in April. While past performance does not guarantee future results, the halving has historically been a major tailwind for Bitcoin.
Here’s another reason de Poppe sees bullish prospects for BTC. He pointed out in August— just weeks before Bitcoin winter thawed— that the bear market was the longest in cryptocurrency’s history.