As a seasoned crypto investor with memories of the 2017 bull run still fresh in my mind, I find myself intrigued by the recent prediction from analyst Michaël van de Poppe. With Bitcoin’s current sideways movement and the upcoming monthly candle, his forecast of a potential bullish breakout to $250,000 seems plausible – if not a tad ambitious.
In the last 24 hours, the value of Bitcoin has barely budged, increasing by just 0.78%, as per CoinMarketCap’s data. Despite a massive downturn in various global financial markets, Bitcoin managed to bounce back impressively over the past week, surging by approximately 16% and hitting an all-time high of $62,000. At present, Bitcoin is maintaining a steady trend, and crypto analyst Michaël van de Poppe has shared insights about potential triggers for its next bullish surge.
Bitcoin Poised For Bullish Breakout If This Price Action Happens, Analyst Says
On August 10, van de Poppe posted an insightful prediction about Bitcoin’s future trend. He suggested that if Bitcoin ends its monthly cycle around the $60,000 mark, it might be preparing for a surge. This veteran in crypto believes this consolidation could potentially trigger a bullish rally, pushing Bitcoin’s price up to as high as $250,000, which would represent an approximately 350% increase from its current value.
Despite being only partway through the month, if Bitcoin (BTC) ends up closing near $60K, it appears we might be witnessing a period of consolidation prior to a significant surge in price, which could be interpreted as a prelude to a major bullish breakout.
It seems highly probable that we are on the verge of:
— Michaël van de Poppe (@CryptoMichNL) August 10, 2024
After the Bitcoin halving event in April, there’s been a lot of anticipation among investors and market analysts that the leading cryptocurrency will see a bullish price surge as it has done in past years. Yet, so far, Bitcoin’s movement has been relatively stable, oscillating between roughly $55,000 and $70,000 for the last four months.
As an analyst, I find these recent price fluctuations in Bitcoin intriguing rather than concerning. Historically, a bullish run for Bitcoin typically begins around six months after the halving event, which lines up quite neatly with van de Poppe’s forecast. It’s worth noting that this current bull cycle is shrouded in optimism, as demonstrated by numerous price predictions in the six-figure range from leading analysts. This optimism is largely fueled by the development of Bitcoin spot ETFs.
As a crypto investor, I’m excited about the potential surge of funds flowing into Bitcoin ETFs, currently worth $17 billion, following Morgan Stanley’s approval for 15,000 advisers to include these funds in their clients’ portfolios. Moreover, the digital asset industry has taken an unexpected turn by stepping onto the US political stage. The stance of parties and candidates on crypto policies now seems crucial in the upcoming November elections.
It seems that the fledgling cryptocurrency sector could potentially get the necessary backing from the U.S. government through regulations and recognition within the next year to year and a half. This support might significantly enhance the growth trajectory of various digital currencies, particularly Bitcoin, over this period.
BTC Price Overview
Currently, as I’m typing this, Bitcoin is being traded at approximately $60,944, marking a 0.44% rise over the past week. However, its daily trading volume has decreased by 52.88%, currently standing at around $15.7 billion.
Related Reading: Morgan Stanley Authorizes Advisors To Offer Bitcoin ETF Products, Report
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2024-08-11 15:05