The majority of crypto assets have rocketed higher in the past week as investors continue to plug money into the market due to increased optimism around the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
The rapid change in mood has impacted market participants’ expectations for crypto prices, with widely followed cryptocurrency trader and analyst Michaël van de Poppe suggesting that Bitcoin is in the early stages of an epic bull rally.
Coming Crypto Price Boom To Have Global Impact
The current stability of the Bitcoin price around the critical $34,000 zone indicates the potential for a continued bullish trend. With an impressive 28% gain in the last month, BTC retains its position as the largest crypto by market value, showing its resilience amid the Israel-Palestine conflict.
According to Amsterdam-based crypto analyst-cum-trader Michaël van de Poppe, the sentiment on the market begins to change “slowly, but surely.” Van de Poppe is convinced that the whole world is gradually starting to recognize that crypto is undoubtedly “the next big thing.”
Continuing, the founder and CEO of MN Trading notes that we are currently “at the early stages of a massive bull cycle,” which will have a fundamental and global impact.
As if to add weight to Van de Poppe’s proclamation, digital asset exchange Bitfinex told X followers that mainstream institutional investors worldwide are becoming increasingly involved with cryptocurrencies as short-term HODLers sell for profits.
Overall, crypto market conditions are improving. There will surely be a few hurdles along the way, but the trajectory for Bitcoin and other cryptocurrencies now seems upward rather than sideways and down.
Bitcoin To Hit $45K-$50K Before April Halving?
A few days earlier, Van de Poppe observed that the Bitcoin bull market is upon us, emphasizing that it doesn’t feel like so because it’s the beginning of a new cycle.
He also posited that Bitcoin could hit resistance at the $38,000 level. However, he believes the flagship crypto will likely soar to between $45,000 and $50,000 ahead of the Bitcoin blockchain’s fourth mining reward halving in April 2024. Most analysts and investors expect the incoming halving event to live up to its past reputation as a huge bullish catalyst.
That said, investors should be cautious about the potential escalation of geopolitical tensions and macro factors like inflation and fiscal policy. These developments could result in broad-based risk aversion and put downward pressure on Bitcoin and altcoins.
