Bitcoin Analyst Predicts $45,000 Bottom, Ushering in "Biggest Bull Cycle Ever"Crypto entrepreneur Michal van de Poppe predicts that Bitcoin will enter a bull market lasting at least two years after undergoing a "final correction." He believes that the price of Bitcoin will bottom at $53,000 and eventually break through, initiating a new bull run
Bitcoin Analyst Predicts $45,000 Bottom, Ushering in "Biggest Bull Cycle Ever"
Crypto entrepreneur Michal van de Poppe predicts that Bitcoin will enter a bull market lasting at least two years after undergoing a "final correction." He believes that the price of Bitcoin will bottom at $53,000 and eventually break through, initiating a new bull run.
While most Bitcoin market observers remain cautious about the six-month consolidation, van de Poppe believes that Bitcoin has absorbed enough liquidity and will rebound in the near term. He expects the price of Bitcoin to initially bounce back to $55,500, then dip back to $53,000, ultimately breaking out significantly.
Liquidity has been absorbed, Bitcoin retesting $54,800, van de Poppe wrote on September 7, referring to the short-term timeframe of BTC/USD. Expect the highest point of this bounce to be $55,500, and then we might retest $53,000, then break out significantly upwards. Final correction, then two years of bull market.
Van de Poppe acknowledges that the stock market remains fragile at the moment, posing some risk. He attributes this to the fact that investors are eager to shift their funds to other assets due to inflation concerns, but he believes this situation will reverse soon.
"The stock market is fragile in terms of liquidity, people are very eager to move their money towards those assets, with concerns about inflation. That will reverse very soon," van de Poppe predicted on September 8.
However, van de Poppe points out that the correlation between Bitcoin and the S&P 500 is mirroring the pattern seen in 2019, suggesting that Bitcoin is at the beginning of a long-term bull market, not the end.
We can also see that there has been a significant correction in the market, which is possibly close to ending, just like the correction in 2019 ended at $6,000, we might be landing in the $45,000-$50,000 area for Bitcoin, van de Poppe concluded. From that perspective, with the Fed about to pivot, the economy being weak, and China adding global liquidity, it seems almost inevitable that we are actually on the verge of the biggest bull cycle ever.
Van de Poppe's forecast aligns with market expectations. The Federal Reserve will hold a meeting on September 18th, where it is expected to announce a reduction in interest rates, which would benefit cryptocurrencies and risk assets.
Despite some risks, van de Poppe believes that Bitcoin has weathered its most challenging times and is poised for a new bull cycle, with $45,000 acting as the bottom of this cycle.
As of the week ending on September 8th, BTC/USD was trading around $54,000.
It is important to note that van de Poppe's predictions are merely his personal views and do not constitute any investment advice. Investors should conduct their own independent research and carefully consider risk factors before making any investment decisions.
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