bitcoin has recorded an overall positive price movement in the last week, gaining 2.39%, according to bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data. The main cryptocurrency suffered a slight drop between Tuesday and Thursday, but soon rose on Friday to trade above $27,000 again.
Meanwhile, celebrating the new month of October, popular crypto analyst Michaël van de Poppe has predicted an upcoming bull run for bitcoin in the fourth quarter of 2033 based on certain expected events.
Analyst Projects bitcoin to Hit $40,000 in Q4 2023, Starting with Positive ‘Uptober’
off to bitcoin-aiming-for-40000-in-q4%2F” target=”_blank” rel=”nofollow”>publish in X On October 1, Michaël van der Poppe welcomed October to his 667,000 followers with a lot of optimism towards the btc market, renaming the month “Uptober.”
Overall, the well-known analyst believes that the cryptocurrency bear market is almost over and that bitcoin could soon post some significant gains, as he expressed in a previous post September 30th.
Interestingly, van de Poppe’s optimism extends beyond October to the entire fourth quarter of 2023, as he predicts that bitcoin could reach $40,000 before the year is out. However, this prediction depends on the occurrence of certain events.
Welcome to Uptober.
Welcome to Q4, which leads to a big quarter, potentially driven by ETF approvals and the pre-halving rally.
Potentially bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin at $40,000 it’s reasonable.
—Michaël van de Poppe (@CryptoMichNL) October 1, 2023
First of all, Michaël van der Poppe mentions the possible approval of ETF applications. The ongoing bitcoin spot ETF saga in the US has attracted a lot of attention in recent months due to its potential effects on the btc market.
Currently, analysts are quite optimistic about the chances of a bitcoin spot ETF being approved, which could lead to massive gains for the largest crypto asset once realized.
Realistically, this approval could occur in the fourth quarter of 2023, as it contains the second deadline for most applications.
However, the U.S. Securities and Exchange Commission could decide to delay its responses to these proposals until the final deadlines, most of which are expected in the first quarter of 2024. The US securities regulator is already employing these types of tactics, as seen in the early deadlines for most applications.
Last week, the SEC also announced that it would delay its response to certain requests beyond its second deadline. These applications included proposals from BlackRock, 21Shares, Bitwise and Valkyrie.
<img decoding="async" class="alignnone size-large wp-image-553660" src="https://technicalterrence.com/wp-content/uploads/2023/10/Crypto-Analyst-Suggests-Bitcoin-BTC-Will-Hit-40000-in-Q4.png" alt="bitcoin" width="860" height="482" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/F7JXK0hWoAAKCVw.png?w=870 870w, https://www.newsbtc.com/wp-content/uploads/2023/10/F7JXK0hWoAAKCVw.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/F7JXK0hWoAAKCVw.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2023/10/Crypto-Analyst-Suggests-Bitcoin-BTC-Will-Hit-40000-in-Q4.png 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/F7JXK0hWoAAKCVw.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" loading="lazy" data-recalc-dims="1"/>Source: Bloomberg Intelligence
The rally before the bitcoin halving
In addition to possible ETF approvals, Michaël van de Poppe also mentioned a possible pre-halving rally in bitcoin as a factor that could spur the asset’s growth to $40,000 in Q4 2023.
HistoricallyThe months leading up to the halving event are marked by a bitcoin rally, as seen in 2012 and 2016.
Based on van de Poppe’s prediction, he sees a similar btc price movement in the coming months ahead of the next bitcoin halving set for April 2024, during which mining rewards will drop from 6.25 btc to 3,125 btc.
However, investors should take note of black swan events, as seen with the last bitcoin halving in 2020. In the months before this halving event occurred, the pre-halving rally btc halving was temporarily affected by the negative effects of the COVID-19 pandemic on the market. .
At the time of writing, bitcoin is trading at $27,138 with a gain of 1.07% in the last day. Meanwhile, the asset’s daily trading volume has decreased by 21.37% and is valued at $6.28 billion.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2023/10/Crypto-Analyst-Suggests-Bitcoin-BTC-Will-Hit-40000-in-Q4" alt="bitcoin” width=”1479″ height=”906″ loading=”lazy”/>
btc trading at $27,170 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Analytics Insight, Tradingview chart
