Analyst Predicts Bitcoin Consolidation, Eyes Long-Term Price Target Of $500,000
28 Januar 2024 - 11:25AM
NEWSBTC
In the last day, Bitcoin (BTC) has notched up minor gains to the
tune of 0.7%, pushing its market price above the $42,000 mark.
Investors in the world’s leading cryptocurrency are likely
encouraged by this recent price gain, following the 20% price
decline that trailed the highly anticipated approval of the Bitcoin
spot ETFs earlier in January. Amidst many speculations on
BTC’s next movement, popular crypto analyst Michaël van de Poppe
has released a prediction that indicates Bitcoin’s movement may be
restricted for the coming months. Albeit, he projects a massive
price surge in future years. Related Reading: Bitcoin Capitulation:
Holders Flee BTC As Post-ETF Disappointment Hits Bitcoin Potential
Consolidation Paves The Way For Altcoin Boom In a post on X on
January 27, van de Poppe shared an intriguing forecast on Bitcoin’s
price trajectory, as he predicted the digital asset to soon enter a
consolidation state. According to the crypto analyst, Bitcoin
is likely to trade between $37,000 – $48,000 for the next few
months. If this prediction holds true, BTC could maintain its
current upward trajectory and head for the $48,000 zone before
experiencing any major pullback. Interestingly, van de Poppe
also stated that a possible Bitcoin consolidation would lead to
altcoins recording significant market gains. In a previous
prediction, the crypto enthusiast shared a similar belief
explaining that BTC is gradually approaching its peak market
dominance with the Bitcoin halving event just a few months
away. Based on historical data from 2016 and 2020, when BTC
attains its highest level of market dominance, the altcoins embark
on a bullish run and even outperform the market leader. Michaël van
de Poppe is projecting a similar occurrence in the coming months,
accompanied by a BTC consolidation phase. Related Reading: Ethereum
Is The Biggest Winner In Post-ETF Approval Market: Glassnode
Analyst Remains Optimistic About Long-Term ETF Impact On BTC In the
same post on X on January 27, de Poppe also commented on the
potential effects of the Bitcoin spot ETF on the asset’s price. The
analyst expressed much confidence in the newly introduced
exchange-traded products (ETP) stating they had the potential
to spur BTC to a market price of $300,000 to $500,000 in the coming
years. His prediction comes as the Bitcoin spot ETF market is
currently witnessing a decline in outflows following a rather
perturbing start which saw over $4.786 billion exit the novel
market within its first 10 trading days. On January 26
(trading 11), the BTC spot ETF recorded a new minimum outflow of
$255.1 million, according to data from BitMEX Research. At the time
of writing, total net flows in the ETF market stand at $759.4
million with Bitcoin trading at $42,088. If de Poppe’s
forecast proves true, investors in both markets could record
massive profits in the coming years. BTC trading at $42,088 on the
daily chart | Source: BTCUSDT chart on Tradingview.com Featured
image from Business Today, chart from Tradingview
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