The price of Bitcoin has shown no significant movement in the last day rising by only 0.78% according to data from CoinMarketCap. Following a widescale crash in the global financial markets, the crypto market leader pulled off a strong recovery in the past week, gaining by 16% to reach a peak of $62,000. As Bitcoin currently retains a sideways movement, crypto analyst Michaël van de Poppe has revealed a likely condition for the token’s next bullish run.
Bitcoin Poised For Bullish Breakout If This Price Action Happens, Analyst Says
In an X post on August 10, van de Poppe shared an interesting prediction on Bitcoin’s price trajectory stating that if the digital asset closed its monthly candle around the $60,000 price zone, it could indicate the asset is consolidating for a breakout. According to the crypto veteran, it is likely that such consolidation could finally propel Bitcoin to embark on a bullish run reaching a price target of $250,000, which represents a potential 350% gain on the token’s current price.
It's still early in the month, but if the monthly candle of $BTC is going to close around $60K, it seems like it's consolidation before the big bull breakout.
Very likely that we'll be at the start of;
– The big run of Bitcoin to $250K+
– The surge of #Altcoins pic.twitter.com/Tk7wz3lm95— Michaël van de Poppe (@CryptoMichNL) August 10, 2024
Following the Bitcoin halving event in April, investors and market experts remain highly expectant of a bullish price run by the premier cryptocurrency as seen in previous years. However, Bitcoin has only shown a consistent range-bound movement moving between $55,000 to $70,000 over the last four months.
Albeit, these price actions draw no cause for alarm as Bitcoin is known to historically commence its bullish run approximately six months after the halving event, which falls close to van de Poppe’s prediction. Interestingly, the current bull cycle is particularly surrounded by high levels of optimism as illustrated by multiple six-figure price predictions by top analysts. This is driven by many factors, most prominently the Bitcoin spot ETFs.
Interestingly, these Bitcoin ETFs currently valued at $17 billion, may be set for monumental inflow levels after American banking giant Morgan Stanleysanctioned 15,000 advisers to officially offer these funds as portfolio additions. Furthermore, the digital asset industry has recently made an unexpected foray into the US political scene as party and candidate opinions on crypto policy now look pivotal in upcoming elections in November.
It appears this nascent industry may finally receive sufficient support from the US government in terms of regulations and legitimacy, which can boost the performance of various cryptocurrencies especially Bitcoin over 12 – 18 months.
BTC Price Overview
At the time of writing, Bitcoin continues to trade at $60,944 with a 0.44% increase in the last seven days. Meanwhile, the token’s daily trading volume is down by 52.88% and valued at $15.7 billion.
Featured image from The Economic Times, chart from Tradingview
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