- Michael van de Poppe has predicted a Bitcoin rally in the final quarter of 2023.
- Poppe projected an end-of-year target of $40,000 for the flagship cryptocurrency.
- ETF approvals and pre-halving sentiment will fuel a potential Bitcoin rally.
Renowned crypto analyst and CEO of MN Trading, Michael van de Poppe, has predicted a Bitcoin rally in the final quarter of 2023. In a recent post on X (formerly Twitter), Poppe projected an end-of-year target of $40,000 for the flagship cryptocurrency.
Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Poppe’s prediction came in a post where he welcomed his followers to the new month, which marks the beginning of the last quarter of 2023. Poppe described October as Uptober and noted that the expected Bitcoin rally will be fuelled by ETF approvals and bullish sentiments in preparation for the upcoming Bitcoin halving of 2024.
Following Poppe’s post, another X app user, Juan Percent Trader, emphasized that the market could go either way despite presenting clear bullish signals. In his words, the trader said that while the stars might seem aligned, the market owes us no favors.
According to Juan, ETFs and pre-halving are promising. However, he clarified that he has seen many Q4s, each with its own story. The trader noted that the prevailing signs and signals in the Bitcoin market do not guarantee an upside movement. Hence, he advised Bitcoin traders and crypto investors to diversify their investments.
Bitcoin has had an eventful year with a rollercoaster behavior. The pioneer cryptocurrency kicked off the year with a bullish momentum and gained over 91% at its highest yearly price. Bitcoin opened the year at $16,541 and attained a high of $31,804 in the middle of July, according to data from TradingView.
Between these two prices, Bitcoin has experienced fluctuations fueled by technical and macroeconomic factors, including regulatory setbacks from frontline economies like the United States. Nevertheless, the flagship crypto appears relentless, with persistent recoveries.
Bitcoin traded for $27,107 at the time of writing, bouncing off support at $25,990. Sustained bullish momentum could push the price above the nearest resistance at $27,483, and it could continue further upward in pursuit of Poppe’s predicted target.
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