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July 19, 2024
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Bitcoin (BTC) Price Can Hit $35K in Next 4-8 Weeks – Predicts Analyst Michaël van de Poppe

The post Bitcoin (BTC) Price Can Hit $35K in Next 4-8 Weeks – Predicts Analyst Michaël van de Poppe appeared first on Coinpedia Fintech News

After a promising rally last week, Bitcoin (BTC) has faced challenges maintaining its bullish momentum over the past two days, leading to a rise in short-term bearish sentiments. With a decline of approximately 4 percent in the last 24 hours, Bitcoin’s price now rests on a crucial support zone.

The ability to hold this support will be pivotal in determining whether a bullish trend will continue in the coming weeks. Additionally, historical data suggests that during the pre-halving year, October tends to be a bullish month for the entire cryptocurrency industry.

Analyst Michaël van de Poppe Predicts a Bitcoin Rally to $30k

Renowned crypto analyst Michaël van de Poppe, based in the Netherlands, has noted that Bitcoin has consistently held above the 200-weekly Exponential Moving Average (EMA) in recent months. This suggests the bulls may have the upper hand in the weeks ahead.

However, van de Poppe emphasizes that Bitcoin’s price must maintain higher lows in the lower time frames for this upward momentum to continue. If this condition is met, there is potential for a significant rally in the $30,000 to $35,000 range within the next two months.

Looking at the Bigger Picture

As the U.S. government shutdown crisis was averted at the last moment, Bitcoin’s liquidity is expected to continue improving. This comes as investors prepare for the fourth Bitcoin halving event, scheduled for around April 25th next year. Nonetheless, the upcoming trial ruling concerning former FTX boss Sam Bankman-Fried (SBF) tomorrow is anticipated to impact Bitcoin’s volatility substantially.

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