Bitcoin analyst sees ‘biggest bull cycle’ with $45K now BTC price floor
2024.09.08 12:07
Bitcoin (BTC) is due some “final corrections” before spending the next two years on a bull run, bold new analysis predicts.
In his latest X content, trader, analyst and entrepreneur Michaël van de Poppe eyed $53,000 as the next BTC price dip target.
BTC price forecast: “Clearly breaking back upwards” at $53,000
Few Bitcoin market observers are willing to go on record to call the end of six months of BTC price consolidation.
For Van de Poppe, however, the end of one of the most frustrating episodes in Bitcoin history should be imminent.
“Liquidity was taken & #Bitcoin is back up to $54.8K,” he wrote about short-timeframe moves on BTC/USD on Sept. 7.
“Expect a max of $55.5K on this run and then we could be revisiting $53K before clearly breaking back upwards. Final corrections & then 2 years bull.”
BTC/USDT 4-hour chart. Source: Michaël van de Poppe/X
The day prior, another post included a chart with a potential roadmap for the recovery, barring any surprise “events” throwing it off course.
Bitcoin has failed to convince traders that lower lows will not surface — even a month after it hit a six-month bottom below $50,000. Despite favorable macroeconomic conditions around the corner, crypto market doom and gloom persists.
Van de Poppe acknowledges the risks, arguing that equities are “running up on weakness.”
“The equity markets are fragile in terms of liquidity, and people are very eager to put their money away towards these assets due to fear of inflation. That’s going to reverse really soon,” he forecast on Sept. 8.
Bitcoin vs. S&P 500 echoes 2019
For Bitcoin, however, there is a silver lining — a major “crash” is likely off the table.
Related: Bitcoin still 10% down post-halving amid record delay to all-time high
Instead, BTC/USD is copying behavior from 2019 when compared to the S&P 500, with the implication that it is just at the start, not the end, of a long-term bull market.
“We can also see that there’s been a significant correction taking place on the markets, which is likely coming to an end, just like the correction in 2019 landed at $6K, we’re likely landing at $45-50K on Bitcoin,” Van de Poppe concluded.
“From that perspective, with the upcoming rate cuts from the FED the weakening economy, and the global liquidity being increased in China, it seems almost inevitable that we’re actually at the edge of the biggest bull cycle ever.”
BTC/SPX 1-week chart. Source: Michaël van de Poppe/X
As Cointelegraph continues to report, Sept. 18 will see the United States Federal Reserve meet to decide on interest rate changes, with markets long pricing in 100% odds of a rate cut.
This should ultimately benefit crypto and risk assets, as lower rates encourage liquidity to enter the markets.
BTC/USD traded at around $54,000 into the Sept. 8 weekly close, per data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-hour chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
