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Michaël van de Poppe, a seasoned crypto analyst, has recently shared an optimistic timeline for Bitcoin’s potential price movements. His insights suggest that Bitcoin is on the verge of retesting its all-time high (ATH) in the coming weeks, highlighting a setup for significant price increases.
Do you think BTC will achieve the $100k mark this year? Read on to find out!
Bitcoin to Hit $90k-$100k in Dec
In a recent X post, van de Poppe shared his insights on the current state of Bitcoin, expressing confidence in the cryptocurrency’s upward trajectory. In his analysis, it has taken less than four weeks for Bitcoin to approach its ATH, raising questions about what lies ahead. He predicts that Bitcoin could reach $80,000 in November and possibly hit between $90,000 and $100,000 by December.
Plus, he expects altcoins to significantly outperform Bitcoin as yields are anticipated to decline.
Key Price Levels to Watch
Interestingly as we step into November 2024, Bitcoin’s price movement is at a crucial zone. Analysts are closely monitoring key levels, with the $74,500 to $75,500 range likely serving as resistance if Bitcoin approaches or surpasses it. Should Bitcoin rise, the expected support levels lie between $71,500 and $72,000.
There is also potential for an upswing toward $77,000 to $80,000, depending on whether $73,800 can be flipped into a support level. Keeping an eye on these key price points will be essential for understanding Bitcoin’s short-term direction.
Moreover, Van de Poppe further indicated that the recent dip in Bitcoin’s price has likely concluded, as the market transitions into a new macroeconomic phase marked by important PMI data. He remains confident that Bitcoin will test its ATH within two to four weeks, reflecting a bullish outlook for both Bitcoin and altcoins in the upcoming months.
BTC Current Market Sentiment
Bitcoin is currently experiencing a significant bullish phase, largely fueled by the success of Spot ETFs launched earlier this year. Since the approval of Bitcoin ETFs in early 2024, the market has witnessed remarkable growth. U.S. spot ETFs are expected to hold 1 million BTC by next Wednesday, with predictions that they could even surpass Satoshi Nakamoto’s total of 1.1 million BTC by December. Bloomberg Analyst Eric Balchunas has noted that U.S. Bitcoin ETFs are currently adding about 17,000 BTC per week, already exceeding Binance’s total BTC holdings.
So, according to van de Poppe, December could see Bitcoin’s price rising significantly. Now all eyes will be on Bitcoin to see if it aligns with van de Poppe’s predictions.