Bitcoin challenges $48,000 as analyst says current correction is over

Bitcoin held above $42,000 on Jan. 28 as weekend momentum gave traders confidence about the new uptrend.
BTC 4-hour price chart | Source: TradingView

Bitcoin challenges $48,000

Data from TradingView shows interesting weekend price action underway.

Related news was also observed – outflows from exchange-traded funds (ETFs), selling pressure from defunct exchanges FTX and Mt. Gox as well as the upcoming halving.

In his latest YouTube update, MN Trading founder and CEO Michaël van de Poppe told viewers that the current BTC price correction is over.

Source: Michaël van de Poppe

Between now and April's halving, he predicts BTC will reach long-term range tops, but without losing liquidity in the mid-to-low $30,000 region.

“Perhaps before that we will have another increase to $48,000, followed by a final correction,” he summarized.

Van de Poppe argues the negative impact of FTX activities, Mt. Gox and GBTC will get less attention over time.

“Bitcoin will likely consolidate from here, between $37,000-48,000 in the coming months. During this period, altcoins will have an opportunity. The real impact for the ETF will come in the next few years, leading Bitcoin price to $300,000-500,000,” he added in a follow-up post on X (formerly Twitter).

As noted, not everyone believes Bitcoin is out of danger. Some continue to predict prices will return to $30,000 or even lower in the coming months.

$41,300 needs to hold as Bitcoin closes the week

Continuing on shorter timeframes, popular trader and analyst Rekt Capital has drawn attention to the significance of the upcoming weekly close.

“BTC closed the daily candle above the range bottom. If BTC can successfully retest the range bottom as support this weekend, it would allow a weekly close to confirm a return to the range lost earlier this week. Great reaction from Bitcoin this week as it gradually repositioned to regain the range it lost at the beginning of the week. A weekly close above the ~$41,300 range bottom could be enough to rescue the range,” he said.

Weekly BTC Price Chart | Source: Rekt Capital/X