Bitcoin Analyst Predicts ‘Biggest Bull Cycle’ With $45K BTC Price Bottom Line
Date: 2024-09-09 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
A bold new analysis suggests that Bitcoin is about to undergo a “final correction” before entering a bull run that will last at least two years.
In his latest post on X, trader, analyst, and entrepreneur Michael van de Poppe pinpointed $53,000 as the target for BTC’s next price drop.
BTC Price Prediction: ‘Obvious Return to the Upside’ at $53,000
Few Bitcoin market watchers are ready to officially declare the end of BTC’s six-month price consolidation.
But for van de Poppe, the end of one of the most tedious periods in Bitcoin’s history may be in sight.
“Liquidity has been taken away and #Bitcoin is back to $54.8k,” he wrote of BTC/USD’s short-term moves on Sept. 7.
A day earlier, another post included a chart showing a possible recovery plan, unless unexpected “events” knock it off course.
Bitcoin has failed to convince traders that lower lows are not in sight, even a month after it hit a six-month low below $50,000. Despite favorable macroeconomic conditions that may be coming, pessimism still dominates the crypto market.
Van de Poppe acknowledges the risks, arguing that stocks are “rising on weakness.”
“Equity markets are fragile from a liquidity perspective, and people are very eager to invest in these assets due to fears of inflation. “This is about to change,” he predicted on September 8.
Bitcoin vs. S&P 500: Echoes of 2019
There is a silver lining for Bitcoin, however, as a major “crash” is likely out of the question.
BTC/USD is mirroring 2019’s performance against the S&P 500, implying that it is at the beginning, rather than the end, of a long-term bull market.
“We also see that the markets have had a significant correction that is likely to end, just like the 2019 correction that ended at $6,000, and we will likely see Bitcoin fall to $45,000-50,000,” van de Poppe concluded.
The US Federal Reserve is set to meet on September 18 to decide on interest rates. Markets have been expecting a 100% chance of a rate cut for a long time now.
This should ultimately be positive for cryptocurrencies and risk assets as lower rates help inject liquidity into markets.
BTC/USD traded around $54,000 at the close of the week on September 8, according to data from Markets Pro and TradingView.
