Captain Faibik, a well-known crypto analyst, anticipates Bitcoin’s price to soar to $50k before the impending fourth halving event, provided the current horizontal range persists in the coming months.
Amidst the Bitcoin ETF excitement, Wall Street analysts have warned investors about maintaining low expectations regarding cash inflows post the U.S. SEC’s approval.
Bitcoin’s Recent Price Movements
Bitcoin has faced significant resistance, fluctuating between $37k and $38k over the past five days. This has sparked speculation about a potential reversal, possibly driving the price towards the $31k to $32k support/resistance zone to gather more bullish momentum. The current daily Relative Strength Index (RSI) shows a bearish divergence within the ongoing uptrend, indicating a fading bullish momentum
Bitcoin Price Analysis
According to Captain Faibik, the ongoing Bitcoin rally might see a surge to $50k by mid-March. He stresses the importance of defending the range between $34k and $38k in the next two months to sustain the pre-halving rally by February. The bullish trajectory of Bitcoin’s price this year has been supported by increased institutional demand.
Contrasting Views: JPMorgan Analysts’ Stance
Contrary to the bullish outlook, JPMorgan analysts led by Nikolaos Panigirtzoglou argued that further positivity might be overstated. They cautioned that the approval of a Bitcoin ETF might not result in immediate cash inflow, drawing from the limited momentum seen in Canadian-based ETFs.
The Altcoin Market’s Potential
With Bitcoin showing signs of horizontal ranging in the coming months, some experts predict potential breakouts in the altcoin market. Excluding Ethereum and Bitcoin, the altcoin market capitalization has approached a significant resistance level of around $400 billion, which may soon transform into a support level.