Analyst Michaël van de Poppe has allowed the possibility of BTC to rise to $600 000 in this market cycle
In his opinion, the launch of spot bitcoin ETFs in the United States will contribute to this
12.01.2024 - 11:12
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The material is not an investment recommendation and is published for informational purposes only
What’s new? Cryptocurrency analyst Michaël van de Poppe believes that the bitcoin rate will begin to grow rapidly against the background of the launch of spot exchange-traded funds (ETFs) based on the asset in the United States. Thus, according to his prediction, the value of BTC may increase to $300 000-600 000 in the current market cycle. As of January 12, 10:00 UTC, the first cryptocurrency is trading at $45 930 on Binance, down by 0,67% overnight, while adding 4% for the week (CoinGecko data).
What else is known? Van de Poppe called the launch of the BTC ETF “a significant event,” but at the same time, he allowed the possibility that the asset will face a period of consolidation in the future. He also noted that the bitcoin exchange rate is approaching significant resistance levels:
“The highs at $48 000 seem likely to be broken or tested, and potentially even $50,000,” Van de Poppe believes.
The US Securities and Exchange Commission (SEC) approved 11 applications for spot BTC ETFs on January 11. On the first day after the launch, the volume of trading in fund shares exceeded $4,5 billion. Almost half of that amount came from Grayscale’s GBTC fund, which previously operated as a bitcoin trust.
The Crypto Market Fear & Greed Index (F&G) is at 71/100 at the time of writing the news. Ahead of the launch of BTC ETF, it was reaching its highest level since the peak of the bull crypto market in 2021, when bitcoin set an all-time high of $69 000.
Earlier, Andrei Grachev, the managing partner of market maker DWF Labs, predicted BTC would rise to $100 000 in this market cycle.
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