Analyst Forecasts $50000 for Bitcoin

Well-known analyst Michaël van de Poppe said in a detailed report that Bitcoin’s price could hit $50,000.

Michael van de Poppe, a well-known analyst and crypto expert, has made a prediction about Bitcoin: he thinks its price could hit $50,000. This prediction comes at a time when the crypto market is generally optimistic, leading to gains for many of the most important cryptocurrency.

Michaël wrote about his thoughts and analysis of Bitcoin on November 4 through his public X (formerly Twitter) account. In his post, he said that Bitcoin’s current rise in the bull market is due to a number of things, such as rumors about ETF approval and other things.

His main point was that Bitcoin’s rise above $30,000 is a big deal, just like when it broke through the $6,000 limit in 2019. The bull market for Bitcoin is likely to continue as long as its price stays above this level, according to Michaël.

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He also said that if Bitcoin’s price keeps going up in the crypto market, there could be a classic run before the half that takes place in January 2024, when the price will drop to $45,000 to $50,000. This means that the price of Bitcoin is likely to go up.

Michaël van de Poppe is famous for keeping a close eye on Bitcoin’s trends and making statements based on his research, which helps people who follow him.

Thoughts on the Bitcoin Spot ETF Drive the BTC Rally?

Bitcoin’s price has been going up steadily since there have been hints that a Bitcoin Spot ETF might be approved. People have been thinking for a long time that Bitcoin might finally get approval for a spot ETF by the end of 2023 or the beginning of 2024.

The Federal Reserve also decided to keep interest rates the same, but they stressed the need for one more rate hike before the end of the year. To fight inflation in the biggest economy in the world, they are following a strict monetary strategy.

At the moment, Bitcoin’s price is going up, up 0.22%, selling at $34,726.14. The market value of the coin has also gone up by 0.27% to $679.87 billion, but trading has gone down by 38.28% in the last 24 hours to $11.74 billion.

It has also gained more than 24% in value over the last 30 days and hit a high of $38,960.52 in the last 24 hours.

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