Bitcoin’s price has not seen any significant movement over the past day, rising just 0.78% according to data from CoinMarketCap. Following a massive crash across global financial markets, the crypto market leader staged a strong recovery last week, gaining 16% to reach a peak of $62,000. As Bitcoin currently maintains a sideways movement, crypto analyst Michaël van de Poppe has revealed a likely condition for the token’s next rally.
Bitcoin Poised for a Bullish Breakout if This Price Action Happens, Says Analyst
In a X post On August 10, van de Poppe shared an interesting prediction regarding Bitcoin’s price trajectory, stating that if the digital asset were to close its monthly candle around the $60,000 price zone, it could indicate that 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 bull run, reaching a target price of $250,000, which represents a potential gain of 350% over the token’s current price.
We are still early in the month, but if the monthly candle of $BTC will close around $60k, it looks like it is a consolidation before the big bullish breakout.
We are most likely at the beginning of;– The big Bitcoin run to $250k+– The rise 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 for the leading cryptocurrency, as seen in previous years. However, Bitcoin has only shown consistent movement between $55,000 and $70,000 over the past four months.
However, these price actions are not a cause for alarm, as Bitcoin is known to historically begin its bull run approximately six months after the halving event, which is close to van de Poppe’s prediction. Interestingly, the current bull cycle is particularly surrounded by high levels of optimism, as illustrated by the multiple six-figure price predictions made by leading analysts. This is driven by many factors, most notably Bitcoin spot ETFs.
Interestingly, these Bitcoin ETFs, currently valued at $17 billion, could be set for monumental entry levels, following American banking giant Morgan Stanley. sanctioned 15,000 councilors officially offering these funds as portfolio additions. Furthermore, the digital asset industry has recently made an unexpected foray into the US political scene, as parties’ and candidates’ views on crypto policy now seem crucial in the upcoming November elections.
It seems that this nascent industry may finally receive enough support from the US government in terms of regulation and legitimacy, which could boost the performance of various cryptocurrencies, especially Bitcoin, over the next 12 to 18 months.
BTC Price Overview
At the time of writing, Bitcoin was still trading at $60,944, up 0.44% over the past seven days. Meanwhile, the token’s daily trading volume was down 52.88% and was valued at $15.7 billion.
Related Reading: Morgan Stanley Authorizes Advisors to Offer Bitcoin ETF Products: Report