Bitcoin’s price didn’t change much yesterday; CoinMarketCap says it went up by only 0.78%. Even though the world’s stock markets crashed last week, Bitcoin made a strong comeback, rising 16% to hit $62,000.
Bitcoin is trading in a narrow range right now, but crypto expert Michaël van de Poppe has found something that could make it go up again.
On August 10, van de Poppe said that if Bitcoin’s monthly candle ends near $60,000, it could mean that the price is entering a consolidation phase that could lead to a breakout. He thinks this could cause Bitcoin’s price to rise to $250,000, which is 350% more than it is now.
Bitcoin Halving Fuels Optimism
After BTC was cut in half in April, investors and experts are expecting a bullish trend like the ones seen in the past. BTC , on the other hand, has stayed between $55,000 and $70,000 for the past four months.
This moving sideways is in line with what has happened in the past. BTC bullish runs usually start about six months after a half event, which is exactly what van de Poppe predicted would happen.
During this bull cycle, there is a lot of optimism, and many analysts are expecting price goals in the six figures. A significant variable is the expected flow of funds into BTC spot ETFs, which are worth $17 billion right now. Morgan Stanley has given permission to 15,000 financial advisors to include these ETFs in their clients’ accounts. This could increase demand.
Cryptocurrency is also becoming more important in U.S. politics, with parties and candidates focused more and more on crypto policy. This could mean that digital assets, especially Bitcoin, will have more backing and legitimacy from the government over the next 12 to 18 months.
BTC is now worth $60,944, which is up 0.44% from last week. However, the daily trade volume has dropped by 52.88% to $15.7 billion.
