- Michael van de Poppe predicted that BTC will reach $44K soon in his latest analysis.
- The trader’s bullish outlook comes after multiple large fund managers filed for their own ETFs.
- At press time, BTC’s price was trading above $30K after it gained 2.17% in the past 24 hours.
The popular crypto trader and analyst Michael van de Poppe uploaded his latest technical analysis for Bitcoin (BTC) yesterday. In the video, he predicted that BTC may breakout soon and potentially rise to as high as $44K in the next few weeks.
Van de Poppe’s analysis comes after Black Rock and several other large fund managers submitted their filings for a BTC Exchange Traded Fund (ETF). According to the analyst, if these filings are successful it could lead to a breakout in BTC’s price.
Not only was van de Poppe bullish on BTC, he also stated in his analysis that it is the perfect time to accumulate altcoins, as the BTC halving is around 10 months away. He forecasted that the total crypto market cap will also rise in the next few weeks, and may climb to as high as $2.1 trillion if it is able to break the major resistance level at $1.6 trillion.
This rise in the global crypto market cap will be accompanied by a big move by the market leader, added van de Poppe. Before the potential breakout in BTC’s price, however, the analyst believes there will be a consolidation period for BTC for the next few weeks. Thereafter, he estimated that the crypto’s price will climb to as high as $44K.
This move towards $44K will then be followed by a correction in the market leader’s price leading up to the halving event. Van de Poppe mentioned that this correction may take place in Q3 or Q4 of this year.
Daily chart for BTC (Source: CoinMarketCap)
At press time, BTC was trading above $30K at $30,633.46 according to CoinMarketCap. This is after the leading crypto printed a 2.17% gain over the past 24 hours. The recent gain had also added to BTC’s already-positive weekly performance, pushing it to +15.21%.
Meanwhile, the overall crypto market cap also increased over the past 24 hours. At press time, the total was up 1.55% and stood at approximately $1.19 trillion as a result.
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