← Go back Nov 11, 2023
Michael van de Poppe, a prominent figure in market analysis, expresses confidence in the current crypto landscape, particularly highlighting the resilience of Bitcoin (BTC). The leading has a staggering surge, escalating from approximately $15,000 a year ago to its current valuation of over $37,000. This substantial 124% increase signifies a pivotal moment, suggesting the initiation of a new bull cycle. Analyzing Bitcoin’s trajectory using van de Poppe’s provided chart, a discernible cyclic pattern emerges. The pattern involves a year characterized by intense bearish pressure, followed by a year marked by significant accumulation, succeeded by a bullish phase, and concluding with a mania phase often associated with parabolic price movements. appears to be on the cusp of entering the initial year of the bull phase, as indicated by the highlighted purple box in the chart. Analysts in the space echo this sentiment, citing a consistent trend of accumulation over the past year, with notable entities like MicroStrategy reaffirming their commitment to Bitcoin. Van de Poppe anticipates further positive momentum, speculating on the SEC’s potential approval for a Bitcoin spot , coupled with the impending event. These factors, if realized, could catalyze the market into a mania phase, potentially propelling Bitcoin to retest its in the ensuing months. This outlook is shared by various industry experts, who foresee substantial price targets for Bitcoin in anticipation of the Bitcoin ETF and the four-year halving event. Van de Poppe’s analysis suggests varying behaviors for most throughout the Bitcoin growth cycle. During the accumulation phase, altcoins typically endure a , swiftly transitioning to a more positive trajectory during subsequent bull and mania phases. Current observations in altcoins, including Solana ( ), Chainlink ( ), and the notable resurgence of the FTX Token ( ), seem to align with van de Poppe’s analysis.
Read more: coinspress
