Bitcoin cryptocurrency is predicted to grow up to $ 50,000

Michael van de Poppe, a popular trader and cryptocurrency analyst, estimated that the current BTC correction will last four to six weeks. According to his calculations, further growth will push the flagship cryptocurrency’s price to $ 50,000.

«Do what you want, but the bull is on the horizon. It only has to hold out for four to six weeks, and then we will only go up,» the expert said.

The expert substantiated his calculations by comparing cycles. The analyst found similarities between the current dynamics and the events of 2015−2016 due to the emergence of a large group of new participants. In that cycle, the first cryptocurrency doubled in price compared to pre-halving values.

Transferring this ratio to today, De Poppe got a range of $ 50,000-$ 55,000. The analyst suggested that the movement to the desired indicators could occur as a result of the approval of the Bitcoin ETF.

«There are 250 days left before the reward is halved, and the current period can be called the final pullback before the bull market continues. On the eve of its recovery, we may see [повернення до позначки] at $ 24,000,» the crypto trader explained.

De Poppe noted the pessimism of market participants, especially with regard to altcoins. «Reversals tend to happen when no one expects it and no one wants to see it,» he emphasized.

Today, August 25, according to CoinMarketCap, the flagship cryptocurrency is trading at $ 25,988 with a market capitalization of $ 505.9 billion. Traders made daily trading deals worth $ 12.6 billion. Bitcoin’s market share amounted to 48.4%.