A Crypto Analyst Predicts Bitcoin’s Correction is Coming to an End
A popular crypto analyst believes that Bitcoin’s recent consolidation phase may be nearing its end. According to Michaël van de Poppe, a crypto trader with a large following on social media, BTC’s volatility is decreasing, indicating that the correction may be coming to a close. Van de Poppe notes that the market has experienced a 20% correction in just 10 days, and the range-low for Bitcoin is still around $36,000 to $39,000. However, he predicts that upward momentum will likely occur leading up to the next halving event in April 2024.
Spot BTC ETF Approval Could Boost Bitcoin’s Price
Van de Poppe also suggests that the recent approval of spot BTC exchange-traded funds (ETFs) could have a positive impact on Bitcoin’s price in the near future. While there may be some short-term selling pressure, he anticipates that a significant amount of new money will flow into the market from new participants, potentially pushing Bitcoin higher than expected in this market cycle.
Ethereum Expected to Gain Momentum
In addition to Bitcoin, Van de Poppe predicts that Ethereum will also experience increased momentum in the coming weeks. He attributes this potential growth to multiple factors, including Bitcoin reaching its bottom and triggering altcoins to make a new run, excitement surrounding Ethereum Spot ETFs, and the launch of new upgrades aimed at reducing costs associated with using the platform.
Conclusion: Bullish Outlook for Bitcoin and Ethereum
Overall, Van de Poppe’s analysis suggests a positive outlook for both Bitcoin and Ethereum. With decreasing volatility and potential catalysts on the horizon, such as spot BTC ETFs and Ethereum upgrades, these cryptocurrencies may see upward movement in the near future.
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