Anticipating the Start of the Bitcoin 'Party': Crypto Analyst Michaël van de Poppe Reveals Targets
Crypto trader Michaël van de Poppe is voicing optimistic views on Bitcoin (BTC) while the leading cryptocurrency remains just beneath a crucial resistance level.
Discussing a potential upward trajectory, Van de Poppe informs his extensive audience of 662,700 Twitter followers that Bitcoin is on the verge of a promising scenario.
The influential crypto analyst also uses an accompanying chart to signify that the anticipated surge might commence beyond the $30,000 threshold.
As of the present moment, Bitcoin is being traded at $29,777.
Van de Poppe's analysis indicates that Bitcoin undergoing consolidation is indicated by a price below $29,700.
"The Bitcoin party will commence upon breaching $29,700. Until that point, it remains in consolidation."
The highly regarded crypto analyst further anticipates that the potential approval of spot Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) within the US will serve as a catalyst for the market.
"The ETFs are imminent. This development holds a significance beyond your expectations, capable of moving markets. Seize the opportunity to buy the dip, securing as much Bitcoin and Ethereum as possible."
Moreover, Van de Poppe raises doubts about Bitcoin, the primary crypto asset, dropping below the 34-month low of approximately $12,000, following BlackRock's submission for a spot Bitcoin ETF and PayPal's introduction of a stablecoin.
"In 2023, the largest asset manager applied for a Bitcoin ETF. In 2023, the largest fintech company launches a stablecoin. Yet, you think Bitcoin will go to $12,000. Think again."
Shifting attention to the broader crypto market, Van de Poppe proposes in a chart that the total cryptocurrency market capitalization has the potential to surge beyond the existing $1.23 trillion to reach over $1.5 trillion.
"The total market capitalization of the crypto sector is indicating the search for a new higher low... We've been in an uptrend since November 2022."
Aug 10, 2023