A widely followed cryptocurrency analyst is expressing pleasant shock at Bitcoin (BTC)'s recent rise.
Cryptocurrency trader Michael van de Poppe To tell His 692,300 followers on social media platform X claim that the BTC market is showing surprising strength.
“To be fair, I am positively surprised by Bitcoin's current strength.
It's already $46,500.
It looks like they are looking for liquidity, perhaps above the highs, and perhaps above the $51,800 level before the halving.
The market is strong. A 20% drop in Bitcoin is a buy. ”
According to Van de Poppe, inflows into Bitcoin from exchange-traded funds (ETFs) catalyst The virtual currency king's prize money exceeds $250,000.
“Inflows into Bitcoin ETFs increased by $1.8 billion in the first few weeks.
This will be even higher if we reduce Grayscale outflows through FTX forced liquidations.
The beginning of a bullish cycle and above $250,000 in Bitcoin. ”
Current BTC value is $47,256, Van de Poppe suggest By the time of BTC's halving, currently expected in April, the flagship asset could reach $55,000.
“Bitcoin is over $47,000.
The range is still clear, with a potential high of $48,000 to $50,000 next quarter, but given the recent strength, it could be $53,000 to $55,000 before the halving. ”
A halving is a pre-programmed event that reduces the issuance of new BTC to miners by half.
Finally the analyst I'm looking forward to it The altcoin market will also follow BTC's lead.
“Altcoins are slowly following Bitcoin.
This cycle will probably peak between $10 trillion and $15 trillion. ”
According to CoinGecko, the current market capitalization of altcoins remains below $9 trillion.
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