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Bitcoin (BTC) recently broke out above $34,000 after a prolonged period below $30,000, mainly due to revived market optimism over the possible approval of a spot Bitcoin ETF by the SEC in the United States. This resurgence has fueled speculation within the crypto community about a potential upcoming bull run. Renowned crypto expert Michaël van de Poppe provided insights on ‘s future trajectory, indicating the next significant resistance at $38,000. However, he remains optimistic, foreseeing Bitcoin potentially reaching $45,000 to $50,000 before the expected April 2024 event. Poppe highlighted the impact of halving events, reducing miner rewards and increasing Bitcoin’s scarcity, potentially leading to increased demand and price surges. Poppe also predicts a phase of “consolidation” and “sideways movement for an extended period” for Bitcoin before it establishes “new ATHs” and experiences substantial growth. He suggests potential strength in the market during this phase. Additionally, TradingShot, another analyst, offered a more bullish prediction based on historical data, suggesting a potential 310% surge for BTC, with the possibility of hitting $100,000 in January 2024, May 2024, July 2024, or October 2024. As of October 30, Bitcoin was trading at $34,389, reflecting a 0.39% increase over the past 24 hours. Over the previous week, Bitcoin witnessed a more than 12% surge, contributing to an approximately 27.5% monthly increase and adding about $145 billion to its market capitalization. The recent Bitcoin rally beyond $34,000 is primarily attributed to the growing anticipation of a potential SEC approval for a Bitcoin , prompting discussions within the crypto community about an impending bull run.
Read more: coinspress
