Bitcoin Bull Rally Commenced, Analyst Anticipates $55K Prior to Halving
Prominent cryptocurrency analyst Michaël van de Poppe has generated a sense of optimism in the cryptocurrency market by asserting that Bitcoin (BTC) has successfully shrugged off its bearish trends, signaling the beginning of a bullish trajectory.
BTC, which was trading around $42,000 earlier this week, has now surpassed $47,000. This positive trend is expected to propel Bitcoin towards $55,000 shortly, just before the pre-halving period commences.
In a recent tweet, crypto analyst Michaël van de Poppe shared his insights on the current state of Bitcoin, indicating a bullish trend in the market. As of the latest update, Bitcoin has surged back to $47.3K, prompting van de Poppe to suggest a potential climb to $55K before the upcoming halving event.
According to the analyst, there seems to be a significant resistance level between $49K and $51K in the near future. However, van de Poppe confidently asserts, “It’s a bull market.”
Additionally, Glassnode, a prominent blockchain data analytics platform, has also hinted at the start of a bull market, showcasing a significant increase in the MVRV ratio to 2.06. In simpler terms, this range indicates a risky period typically observed at the beginning of bull markets.
As indicated by the MVRV ratio, long-term investors are now experiencing meaningful profitability. This pattern is commonly seen in the early stages of bull markets.
Van de Poppe’s optimistic outlook aligns with his previous predictions, and he anticipates further upward momentum as Bitcoin continues on its trajectory. He goes beyond short-term gains and attributes the potential for Bitcoin to surpass $250,000 to substantial inflows from exchange-traded funds (ETFs).
According to his analysis, Bitcoin ETFs have witnessed significant inflows, surpassing $1.8 billion in the first few weeks. Van de Poppe acknowledges that this figure could be even higher if adjustments are made for the outflows from Grayscale, which faced forced liquidations on FTX.
This prediction implies that institutional investment through ETFs could be a crucial catalyst for Bitcoin’s substantial growth in the coming months.