Popular analyst and crypto expert Michaël van de Poppe predicted that the price of the largest cryptocurrency Bitcoin to hit $50,000. Notably, the recent bullish sentiment in the crypto market has led to rallies in most of the major cryptos lately.
On November 4, Michaël took to his official X (formerly Twitter) handle and shared his predictions and expert analysis of Bitcoin.
Bitcoin To Hit $50,000
As per his X post, the analyst suggested that the recent growth of Bitcoin in the bull market is levied for various reasons including ETF approval speculation and others.
He said, Bitcoin broke above $30,000, which is a marvelous growth and comparable level to the $6,000 barrier in 2019.
He further added that as long as the price of Bitcoin stays above, the bull market is going to be rising for the cryptocurrency. In addition, he said that if the growth of Bitcoin continues to rally in the crypto market, there is the possibility that the classic pre-halving run towards $45,000-50,000 in 2024 January, aiming upward trend.
Michaël van de Poppe is said to have followed the trend of Bitcoin closely and predicted the price accordingly for his followers.
Bitcoin Spot ETF Speculations Triggering BTC Rally?
Bitcoin Chart By Michaël van de Poppe
It is to be noted, that the constant rise in Bitcoin price is likely to be due to the recent hint of Bitcoin Spot ETF approval. There has been constant speculation that Bitcoin will get the awaited spot ETF approval by 2023 end or Quarter 1 of 2024.
Meanwhile, the Federal Reserve left interest rates unchanged but maintained that there’s a need for one more rate hike before year-end and a strict monetary policy. The expected policy, which is still under talks is expected to support the fight to bring down inflation in the world’s biggest economy.
With a rising trend, Bitcoin price witnessed a 0.22% upward trend, trading at $34,726.14. In addition, the market cap of the crypto was up 0.27% to $679.87 billion, while its volume over the past 24 hours fell 38.28% to $11.74 billion.
Meanwhile, the crypto has touched a high of $38,960.52 over the past 24 hours, while returning gains of over 24% over the past 30 days.