Bitcoin Bullish Sentiment: Analyst Michael van de Poppe Says BTC is Close to a Party
Crypto trader Michaël van de Poppe is expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset hovers below a key resistance level.
In reference to a potential upside move, Van de Poppe tells his 662,700 Twitter followers that Bitcoin is “close to a party.” According to the widely followed crypto analyst, the rally could kick off at a price above the $30,000 level.
Bitcoin is currently trading at $29,777, just below Van de Poppe’s predicted price. However, he notes that a price below $29,700 indicates that Bitcoin is consolidating and hasn’t yet started its upward movement.
“Bitcoin party starts when we break $29,700. Until then, it’s just consolidation,” says Van de Poppe.
Van de Poppe also highlights the potential impact of authorized spot Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) in the US on the market. In his opinion, the approval of these ETFs will act as a catalyst for the market.
“The ETF’s are just around the corner. It’s way bigger than you think it is, as it will move markets. Buy the dip, as much as you can for Bitcoin and Ethereum,” advises Van de Poppe.
Additionally, Van de Poppe dismisses the idea of Bitcoin falling below the 34-month low of $12,000. He points out that in 2023, the largest asset manager applied for a Bitcoin ETF and the largest fintech company launched a stablecoin, indicating significant growth and adoption.
“In 2023, the largest asset manager applied for Bitcoin ETF. In 2023, the largest fintech company launches a stablecoin. Yet, you think Bitcoin will go to $12,000. Think again,” warns Van de Poppe.
Looking at the wider crypto market, Van de Poppe suggests that the total cryptocurrency market capitalization could surge to above $1.5 trillion from the current $1.23 trillion.
“Total market capitalization of crypto is seeking for a new higher low… We’re in an uptrend since November 2022,” states Van de Poppe.
In conclusion, Van de Poppe’s bullish sentiments on Bitcoin and the wider crypto market indicate a positive outlook for crypto investors. With the potential approval of Bitcoin and Ethereum ETFs and the overall uptrend in the market, Van de Poppe advises buying the dip and being prepared for a bullish rally.
Analyst comment
Positive news: Analyst Michael van de Poppe expresses bullish sentiment on Bitcoin, predicts a rally above $30,000 and expects the approval of authorized spot Bitcoin and Ethereum ETFs in the US to act as a catalyst for the market. He dismisses the idea of Bitcoin falling below $12,000 and suggests that the total cryptocurrency market capitalization could surge to above $1.5 trillion from the current $1.23 trillion.
Market prediction: Bitcoin and the wider crypto market are expected to experience a bullish rally, with potential approval of ETFs and an overall uptrend indicating positive opportunities for investors.
