Bitcoin’s value is steadily rising towards $25,000, and it appears that the token may be able to close the daily trade above those levels. Bullish momentum has accumulated, which may lift the value to some extent in the future. The reduced quantity may impede the rally’s progress; however, the upswing may continue as bullish sentiments accumulate.
Micheal van de Poppe, a well-known analyst, believes that Bitcoin’s value is about to surpass $35,000. Analysts believe that the price will experience a strong upswing in the coming weeks, setting new highs. Regrettably, he also thinks the price will face a massive bearish wave, which could drag the price from $20,000 to $25,000.
Because the corrections have remained relatively shallow, the analyst believes the cruel penalty could occur throughout the second half of 2023. This could be an excellent opportunity for consumers to accumulate tokens. Regarding the Bitcoin cycles, another analyst, Willy Woo, had a similar thought.
The analyst here refers to the Cumulative Value Days Destroyed, implying that the BTC worth may once more enter the re-accumulation phase of the Bitcoin cycle, as seen previously. It has hitherto marked the Bitcoin bottoms, followed by a period of accumulation and a minor value surge. A similar pattern is expected a second time because the November 2022 pattern may repeat.
Currently, the Bitcoin value is approaching $25,000; however, a possible retest under $24,900 is possible. A steep retest could occur if the bulls fail to hold the degrees tight, slashing the value dramatically lower. According to some analysts, the drop could significantly lower the value below 20 dollars. On the contrary, if the bulls reclaim their ranges, a fantastic upswing past $26,000 may be possible.