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    Bitcoin nears key weekly close as analyst says 20% BTC price dip 'over'

    2024.01.28 | exchangesranking | 43onlookers
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    Bitcoin (BTC) held near $42,000 on Jan. 27 as late-week BTC price gains made traders confident about fresh upside.

    BTC/USD 1-hour chart. Source: TradingView

    Bitcoin seen rechallenging $48,000

    Data from Cointelegraph Markets Pro and TradingView showed classic cool weekend price action entering, with $41,800 as a focus.

    The day prior saw 5% upside, with Cointelegraph reporting on improving market conditions relative to past weeks.

    The same topics were on the radar — outflows from exchange-traded funds (ETFs), sell pressure from defunct exchanges FTX and Mt. Gox and the incoming block subsidy halving.

    In his latest YouTube update, Michaël van de Poppe, founder and CEO of MN Trading, nonetheless told viewers that he believed the current BTC price correction to be over.

    Between now and April’s halving, he foresaw a trip to long-term range highs, but did not discount the possibility of taking liquidity in the mid to low-$30,000 zone.

    “Perhaps we’re going to have one more run to $48,000 prior to it, then a final correction,” he summarized.

    Van de Poppe argued that the negative influence of FTX, Mt. Gox and GBTC maneuvers would become less noticeable in time.

    “Bitcoin is likely consolidating from here, between $37-48K for the coming months,” he added in a subsequent post on X (formerly Twitter).

    “In this period, Altcoins will have their time. The real impact on the ETF is going to come in the next few years, resulting into a price of Bitcoin going to $300,000-500,000.”

    As Cointelegraph noted, not everyone believes that Bitcoin is out of the woods — some continue to see a return to $30,000 or even lower in the coming months.

    $41,300 becomes crunch BTC price reclaim level

    Continuing on shorter timeframes, popular trader and analyst Rekt Capital drew attention to the significance of the upcoming weekly close.

    Related: 3 reasons why Bitcoin hitting $38.5K marked the ‘ETF dip’

    “Great reaction from Bitcoin this week as it slowly positions itself to reclaim the range it had lost earlier this week,” he continued.

    “Weekly Close above the Range Low of ~$41300 could be enough to rescue the range.”
    BTC/USD weekly chart. Source: Rekt Capital/X

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