Bitcoin Gains 2.39% in the Last Week
According to data from CoinMarketCap, Bitcoin has experienced an overall positive price movement over the past week, with a gain of 2.39%. Although there was a slight dip between Tuesday and Thursday, the cryptocurrency rose again on Friday and is currently trading above $27,000.
Analyst Predicts Bullish Run for Bitcoin in Q4 2023
Crypto analyst Michaël van de Poppe has made a prediction that Bitcoin will experience a bullish run in the fourth quarter of 2023. Van de Poppe expressed his optimism towards the BTC market in a tweet on October 1, referring to the month as “Uptober.” He believes that Bitcoin could reach $40,000 before the end of the year, but this prediction is dependent on certain events taking place.
Potential ETF Approvals
Van de Poppe mentions the potential approval of ETF applications as one of the factors that could contribute to Bitcoin’s price growth. There is optimism among analysts regarding the approval of a Bitcoin spot ETF, which could lead to significant gains for the cryptocurrency. The second deadline date for most applications falls in Q4 2023, but it is possible that the US Securities and Exchange Commission may choose to delay its responses until the final deadlines in Q1 2024.
The Bitcoin Pre-Halving Rally
In addition to potential ETF approvals, van de Poppe also highlights a possible pre-halving rally as a factor that could drive Bitcoin’s price to $40,000. Historically, there has been a rally leading up to previous halving events in 2012 and 2016. Van de Poppe predicts a similar price movement ahead of the next Bitcoin halving, scheduled for April 2024. However, investors should be aware of unexpected events that could impact the rally, as seen during the COVID-19 pandemic before the 2020 halving.
Hot Take: Bitcoin Shows Promising Signs for Q4 2023
Bitcoin’s positive price movement in the last week and the predictions of analyst Michaël van de Poppe suggest a promising outlook for Q4 2023. With the potential approval of ETF applications and the anticipation of a pre-halving rally, Bitcoin could reach $40,000 by the end of the year. However, it is important to consider external factors that may influence these projections. Overall, it seems that Bitcoin is poised for an exciting quarter ahead.
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