Bitcoin price after being rejected at $17,000 at the beginning of the month has been attempting very hard to reclaim the levels at the earliest. Meanwhile, some analysts believe that, presently, there is no room for BTC to form the bottom. Therefore, the possibility of a rebound may be predetermined as the crypto space appears to have to prepare for a relief rally.
A top analyst, Michael van de Poppe, largely believes in the resurgence of the bullish trend soon. The Bitcoin price, which is settled at the lower support, is believed to rebound nicely and undergo a double rally to reach $50,000 somewhere by mid-2023.
The analyst marks the targets for the relief rally which is expected to begin anytime from now as the BTC price has reached the lowest levels for the first time in the past 2 years. To do so, the BTC price is required to clear the pivot levels around $18,444 initially and after sustaining at these levels, the rally is expected to climb high beyond $25,000 and secure levels close to $30,000.
However, the price has reached the lowest FIB levels and hence is believed to rebound nicely to test the upper levels very soon. Meanwhile, the bears are believed to remain passive and cause minor swings, but the bulls may continue to hold above the pivotal levels.
Therefore, as predicted by the analyst, Michael van de Poppe, Bitcoin’s (BTC) price is expected to soar to as high as $50,000 in 2023.