Prominent cryptocurrency analyst Michael Van de Poppe is optimistic about the cryptocurrency market, stating that Bitcoin (BTC) has successfully broken out of its bearish trend and marks the beginning of a bullish trajectory. gave rise to a view.
Notably, BTC, which was trading near $42,000 earlier this week, is now trading above $47,000. This positive trend is expected to see Bitcoin reach $55,000 soon, just before the start of the pre-halving period.
Has the bull run started?
In a recent tweet, cryptocurrency analyst Michael van de Poppe shared his insights on the current state of Bitcoin and hinted at a bullish trend in the market. As of the latest update, Bitcoin has soared to $47.3,000, with Van de Poppe hinting that it could rise to $55,000 before the next halving event.
According to analysts, there appears to be a significant resistance level between $49,000 and $51,000 soon. Despite this, Van de Poppe confidently declares:
MVRV shows bullish trend
Similarly, Glassnode, a prominent blockchain data analysis platform, Gave This is a similar hint of the beginning of a bull market, with the MVRV ratio rising significantly to 2.06. Simply put, this range indicates a period of high risk, usually seen at the beginning of a bull market.
As the MVRV ratio shows, long-term investors are currently witnessing significant profitability. This pattern is often seen in the early stages of a bull market.
ETF that will be a catalyst for BTC surge
This optimistic outlook is in line with his previous predictions, where he expects further upward momentum to build as Bitcoin continues its trajectory.
Van de Poppe’s insights extend beyond short-term profits. He attributed the potential for Bitcoin to surpass $250,000 to strong inflows from exchange-traded funds (ETFs).
According to his analysis, Bitcoin ETFs saw significant inflows, exceeding $1.8 billion in the first few weeks. Van de Poppe acknowledged that this number could be even higher if adjustments are made for outflows from Grayscale, which faced forced liquidation on FTX.
This forecast suggests that institutional investment through ETFs could be a key driver of Bitcoin’s significant growth in the coming months.