Bitcoin Bull Cycle: Insights from Analyst Michael Van De Poppe
Bitcoin Bull Cycle: Analyzing Market Sentiment
Bitcoin (BTC) may have reached new all-time highs in 2024, but the cryptocurrency has been experiencing a period of sideways trading since March, struggling to decisively breach the critical threshold of $70,000. As of now, the anticipated month of ‘Uptober’ seems to have fallen flat, failing to ignite a stronger bull run.
Currently, BTC trades at $68,930, reflecting a modest increase of 5.16% over the past thirty days. Michaël van de Poppe, a prominent crypto analyst, emphasizes that while traditional bullish momentum appears absent, there are essential catalysts that suggest Bitcoin may soon see a significant upswing.
Bitcoin's Market Conditions and Future Catalysts
- Van de Poppe notes that the crypto market is in an accumulation phase with hesitant sentiment.
- Despite a disappointment in anticipated returns for October, he encourages investors to maintain their positions.
- High interest rates continue to divert liquidity from cryptocurrencies into government bonds.
- In nominal terms, Bitcoin's new all-time highs are misleading when inflation is considered.
On a positive note, van de Poppe highlights that the M2 money supply is rising, which has historically correlated with BTC price movements. This trend could suggest that Bitcoin is on the verge of a price increase as liquidity returns to the market.
Upcoming Factors Influencing Bitcoin's Future
- The Federal Reserve's rate policy.
- Potential developments from BRICS countries regarding currency alternatives to the U.S. dollar.
- Increased inflows into Bitcoin exchange-traded funds (ETFs).
In conclusion, while BTC faces hurdles in its price trajectory, the prevailing economic framework and evolving market conditions present plausible bullish signals for investors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.