Crypto Analyst Is “Positively Surprised” by Bitcoin, Says Current Bull Cycle Could Take BTC Above $250,000
A widely followed crypto analyst expresses his pleasant shock at Bitcoin's (BTC) recent push.
Crypto trader Michaël van de Poppe tells his 692,300 followers on social media platform X that BTC markets are showing surprising strength.
“To be fair, I am pleasantly surprised by Bitcoin’s current strength.
Already at $46,500.
It is likely that we are looking for liquidity above the highs, perhaps liquidity above $51,800 before the halving.
The markets are strong. A 20% drop in Bitcoin is a buy.”
Source: Michael 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.
“Bitcoin ETF inflows are +$1.8 billion in the first few weeks.
This is higher if you reduce Grayscale's outflow through FTX's forced liquidations.
The start of a bull cycle and Bitcoin over $250,000.”
Source: Michael van de Poppe/X
With BTC currently worth $47,256, Van de Poppe believes the flagship asset could reach $55,000 before the BTC halving, currently expected in April.
“Bitcoin over $47,000.
The range is still clear: $48,000-$50,000 as a potential high for the coming period, but given recent strength, we could see a halving of $53,000-$55,000 before the halving.”
The halving is a pre-programmed event that halves the issuance of new BTC to miners.
Finally, the analyst believes that altcoin markets will follow BTC’s lead.
“Altcoins are slowly following Bitcoin.
This cycle is expected to peak between $10 and $15 trillion.”
According to CoinGecko, the current market capitalization of altcoins is just under $9 trillion.
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