- Bitcoin (BTC) has embarked on an impressive rally in recent times, catching the attention of seasoned investors and newcomers to the crypto space.
- Michaël van de Poppe provided insights into the ongoing uptrend, stating that BTC will continue its rally as long as it can maintain a specific price level.
- A successful surge above $37,000, as noted by the respected analyst, will pave the way for altcoins to make their own upward movements.
Bitcoin’s price has initiated an impressive rally above $35,000: It needs to hold these levels to extend the rally to $37,000.
Bitcoin Price Could Target $37,000
Bitcoin (BTC) has embarked on an impressive rally in recent times, catching the attention of seasoned investors and newcomers to the crypto space. This uptrend is partly supported by increasing optimism that the U.S. Securities and Exchange Commission (SEC) is close to approving a long-awaited spot Bitcoin exchange-traded fund (ETF), which could even occur by the end of this year.
These hopeful expectations have injected a new wave of enthusiasm into the crypto markets, propelling Bitcoin to an impressive yearly high of around $35,400. This is also the highest level for BTC since May 2022.
On November 1st, prominent analyst Michaël van de Poppe provided insights into the ongoing uptrend, stating that BTC will continue its rally as long as it can maintain a specific price level.
According to Poppe, Bitcoin must stay above the $34,800 level to sustain its upward momentum. If this happens, the analyst mentioned that the next target for the leading cryptocurrency that it is likely to attack is in the price range of $36,500 to $37,000. Poppe stated:
“Bitcoin is rallying and making a new yearly high. Not a massive breakout, but as long as we stay above 34.8K, the next target is 36.5-37K.”
A successful surge above $37,000, as noted by the respected analyst, will pave the way for altcoins to make their own upward movements.
Current Status of Bitcoin Price
At the time of writing, BTC was trading at $36,367, with an increase of over 2.8% in the last 24 hours. The world’s leading crypto asset has gained over 3.5% on the weekly chart and nearly 25% on the monthly chart, adding over $150 million to its market value during this period. Year-to-date, the cryptocurrency has seen impressive gains of approximately 113%.
In a separate analysis published last week, Poppe stated that the ongoing rally could take Bitcoin to $50,000 before the next halving event expected in April 2024. The expert believes that after the halving, BTC will experience a “sideways period” for a long time and enter a “horizontal phase” before starting to set new all-time highs.
