A widely followed crypto analyst is expressing his pleasant shock at Bitcoin’s (BTC) most recent push.
Crypto trader Michaël van de Poppe tells his 692,300 followers on the social media platform X that the BTC markets are showing surprising strength.
[adinserter block="1"]“To be fair, I’m positively surprised with the current strength on Bitcoin.
Already at $46,500.
It seems likely we’re looking for liquidity above the highs and perhaps the one above $51,800 pre-halving.
The markets are strong. Dips of 20% on Bitcoin are a buy.”
According to Van de Poppe, inflows into Bitcoin from exchange-traded funds (ETFs) will be the catalyst for the crypto king to reach over $250,000.
“The inflows on the Bitcoin ETFs are +$1.8 billion in the first few weeks.
This is higher if you reduce the outflow of Grayscale by the forced liquidations of FTX.
The start of a bull cycle and a Bitcoin of $250,000+.”
With BTC currently worth $47,256, Van de Poppe suggests the flagship asset could reach $55,000 before the BTC halving, currently expected in April.
“Bitcoin above $47,000.
The range is still clear, $48,000-50,000 as a potential high for the upcoming period, but given the recent strength, we might see $53,000-55,000 pre-halving.”
The halving is a pre-programmed event that cuts the issuance of new BTC to miners in half.
Lastly, the analyst expects the altcoin markets to follow BTC’s lead.
“Altcoins are slowly following suit with Bitcoin.
This cycle, likely peak between $10-15 trillion.”
The current altcoin market cap is hovering right under $9 trillion, according to CoinGecko.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
