Bitcoin Price to Surge by 35% to Hit $35,000 Soon-Keep an Eye Out for the Twist!

The post Bitcoin Price to Surge by 35% to Hit $35,000 Soon-Keep an Eye Out for the Twist! appeared first on Coinpedia Fintech News

Bitcoin price is strongly proceeding towards $25,000 and appears that the token may close the daily trade above the levels. The bullish momentum has piled up which may uplift the price to some extent ahead. The slashed volume may hinder the progress of the rally, however, the upswing may continue as the bullish sentiments pile up.

One of the well-known analysts, Micheal van de Poppe believes that the BTC price is set to surge beyond $35,000. The analysts believe that the price may ignite a strong upswing in the next couple of weeks and mark new highs. Woefully, he also believes that the price may undergo a massive bearish wave which may drag the price as low as $20,000 to $25,000 too.

Corrections remain to be relatively shallow.

I think that we’ll continue the run towards $35-40K before we’ll have a harsh correction, maybe even to $20-25K.

Maximize profits, start allocating towards $USDT the higher we come, buy on the correction in second half of 2023.

— Michaël van de Poppe (@CryptoMichNL) February 20, 2023

The analyst believes that the harsh correction may occur during the second half of 2023 as the corrections have remained relatively shallow. This could be a good time for the buyers to accumulate some tokens. A similar idea was shared by another analyst Willy Woo referring to the Bitcoin cycles.

The analyst here refers to the CVDD or Cumulative Value days destroyed, suggesting the BTC price may again enter the re-accumulation phase of the Bitcoin cycle which has been observed in the past as well It has been marking the Bitcoin bottoms in the past and was further followed by a period of accumulation and a minor price surge. A similar trend is expected a the moment as the November 2022 trend could repeat.

Presently, the Bitcoin price is approaching $25,000, however, a potential retest below $24,900 is quite possible. Here if the bulls fail to hold the levels tight, then a steep retest may occur, slashing the price extremely lower. Some analysts believe the plunge may drastically drag the price lower below $20. On the contrary, if the bulls reclaim their levels, then a fine upswing beyond $26,000 may also be possible.