Well-known market researcher and founder of the investment organization Eight Mikael van de Poppe spoke about the future of the Bitcoin (BTC) rate after the digital currency reached $48,000. He noted that this is an impressive increase after the correction to $38,000 that occurred recently. The analyst explained what factors contributed to this.
According to the expert, this is due to several circumstances, including the launch of ETFs and capital outflow from Grayscale GBTC. Analyst noted that Bitcoin funds have a significant impact on markets. The researcher also emphasized the shortcomings of the US economy, which Russian President Vladimir Putin mentioned in his interview with Tucker Carlsson. The politician said that «the US $33 trillion debt is a huge problem.»
According to van de Poppe, this may indicate that the United States has “screwed up” and people are afraid of a possible collapse of the economy. Bitcoin “thrives on fear”. Investing in BTC is seen as a hedge against a potential collapse of the financial system.
Van de Poppe emphasized that the BTC ETF has already received capital totaling $2.2 billion. It is noted that market sentiment has changed, and people are becoming more and more interested in Bitcoin. The expert said that he sees several development scenarios for the BTC rate.
The first of these is “consolidation before continued growth or a short-term peak followed by correction”. The price of Bitcoin is expected to reach $56,000, followed by a decline of approximately 20%. The second stated that the price of Bitcoin will peak in the range of $54,000 — $58,000, followed by a correction of 30%.
The trader noted that “if you want to invest in Bitcoin, it is recommended to use a buy and hold strategy.” If the price of BTC rises to $56,000 without adjustments, you can start selling to buy it back at 10-20% lower.”
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