According to Cointelegraph: Bitcoin, on January 27, settled near $42,000 and analysts are confident about fresh upside, predicting recovery from a recent 20% price dip. Signs of the cryptocurrency rechallenging the $48,000 price level have been spotted, thanks to the classic cool weekend price action, with $41,800 being a significant focus.
The previous day recorded a 5% rise, and the market conditions have shown improvements relative to past weeks. Factors such as outflows from ETFs, sell pressure from defunct exchanges like FTX and Mt. Gox, and the upcoming block subsidy halving all remain key topics to watch.
According to Michaël van de Poppe, founder, and CEO of MN Trading, the current BTC price correction is likely over. In his recent update, van de Poppe suggested that Bitcoin may test highs of its long-term range but didn't rule out revisiting the mid or low-$30,000 zone for liquidity.
Predicting a consolidation of Bitcoin's price in the $37K-$48K range in the coming months, van de Poppe foresees a significant rise to between $300K-$500K in the long term, driven by the impact of ETFs in the next few years. However, not everyone is optimistic; some analysts still predict a return to $30,000 or lower in the following months.
On a shorter time frame, Rekt Capital, a popular trader and analyst, emphasizes the significance of a weekly close above the range low of roughly $41,300 to rescue the range. This indicates that the upcoming weekly close will play a crucial role in determining Bitcoin's next move.
