Bitcoin Surges Past $34,000, Fueling Speculation of a Bull Run
After trading below $30,000 for several months, Bitcoin has finally broken free and soared past $34,000 in an impressive rally. This surge in price has been attributed to renewed optimism in the market, driven by expectations of the US Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF). As Bitcoin makes a comeback, the crypto community is buzzing with anticipation about what lies ahead, including the potential for a new bull run.
Insights from Crypto Expert Michaël van de Poppe
Renowned crypto expert Michaël van de Poppe recently shared his thoughts on Bitcoin’s future. According to Poppe, the next major resistance level for Bitcoin is at $38,000, which could attract sellers. However, he believes that Bitcoin will overcome this barrier and surge to as high as $45,000 to $50,000 before the next halving event in April 2024.
“I think we’ll see Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving.”
– Said Poppe in his post.
Over the past week, Bitcoin has risen more than 12% and has gained about 27.5% on a monthly basis. This increase in price has added approximately $145 billion to its market capitalization during that period.
Hot Take: Bitcoin’s Rally Sparks Optimism
The recent surge in Bitcoin’s price has ignited optimism within the crypto community. With renewed market confidence and expectations of regulatory approvals for cryptocurrency products like ETFs, many believe that Bitcoin may be entering a new bull run. While resistance may be encountered at $38,000, experts like Michaël van de Poppe foresee Bitcoin reaching new all-time highs of $45,000 to $50,000 before the next halving event. The coming months will undoubtedly be exciting for Bitcoin enthusiasts and investors.
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