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February 9, 2024

Crypto Analyst ‘Positively Surprised’ by Bitcoin, Says Current Bull Cycle Could Send BTC Over $250,000

By Daily Hodl Staff

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.

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“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.”

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Source: Michaël van de Poppe/X

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+.”

Source: Michaël van de Poppe/X

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.

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“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.

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