The price of bitcoin has not shown any significant movement in the last day rising by only 0.78% according to bitcoin/” target=”_blank”>data from CoinMarketCap. Following a large-scale crash across global financial markets, the cryptocurrency market leader staged a strong recovery last week, gaining 16% to reach a peak of $62,000. As bitcoin is currently maintaining a sideways movement, cryptocurrency analyst Michaël van de Poppe has revealed a likely condition for the token’s next bull run.
Analyst Claims bitcoin Is Poised For A Bullish Breakout If This Price Action Occurs
In ax.com/CryptoMichNL/status/1822309434732765248″ target=”_blank”> Publication x On August 10, van de Poppe shared an interesting prediction regarding bitcoin’s price trajectory, stating that if the digital asset closed its monthly candle around the $60,000 price zone, it could signal that the asset is consolidating for a breakout. According to the crypto veteran, it is likely that such consolidation could eventually propel bitcoin to embark on a bull run that hits a target price of $250,000, representing a potential gain of 350% over the token’s current price.
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It's still early in the month, but if the monthly candle twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc is going to close around $60K, it seems like a consolidation before the big bullish breakout.
It is very likely that we are at the beginning of:– The great bitcoin run to $250K+– The rise of twitter.com/hashtag/Altcoins?src=hash&ref_src=twsrc%5Etfw”>#Altcoins photo.twitter.com/Tk7wz3lm95
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1822309434732765248?ref_src=twsrc%5Etfw”>August 10, 2024
Following the bitcoin halving in April, investors and market experts are still expecting a price hike for the leading cryptocurrency, as seen in previous years. However, bitcoin has only shown consistent movement within a range of $55,000 to $70,000 over the past four months.
However, these price actions are no cause for alarm, as bitcoin is known to historically begin its bull run roughly six months after the halving event, which is close to van de Poppe’s prediction. Interestingly, the current bull cycle is particularly surrounded by high levels of optimism, as illustrated by multiple six-figure price predictions from top analysts. This is due to many factors, most prominently bitcoin spot ETFs.
Interestingly, these bitcoin ETFs, currently valued at $17 billion, could be primed for monumental entry levels after American banking giant Morgan Stanley authorized 15,000 advisors to officially offer these funds as portfolio additions. Moreover, the digital asset industry has recently made an unexpected foray into the American political scene, as parties and candidates’ views on cryptocurrency policy now seem crucial in the upcoming November elections.
It seems that this nascent industry may finally receive enough support from the US government in terms of regulations and legitimacy, which may boost the performance of various cryptocurrencies, especially bitcoin, for 12 to 18 months.
btc Price Summary
At the time of writing, bitcoin is still trading at $60,944 with a 0.44% increase over the past seven days. Meanwhile, the token’s daily trading volume is down 52.88% and is valued at $15.7 billion.
Related reading: x/NzhNeokB/”>Morgan Stanley authorizes advisors to offer bitcoin ETF products, report says
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