Cryptocurrency

What Could Be BTC’s Peak by the End of the Year?

In the ever-evolving world of cryptocurrency, seasoned analysts like Michaël van de Poppe continue to offer valuable insights. Recently, van de Poppe shared an optimistic outlook on Bitcoin’s price trajectory, sparking discussions among investors and enthusiasts. Could Bitcoin be on the verge of retesting its all-time high (ATH) and potentially reaching the $100,000 mark this year? Let’s delve into these predictions and the factors influencing Bitcoin’s future movements.

Bitcoin to Hit $90k-$100k in December

In a recent analysis, van de Poppe expressed confidence in Bitcoin’s upward momentum. His observations indicate that it took less than four weeks for Bitcoin to approach its ATH, prompting speculation about what lies ahead. Van de Poppe forecasts that Bitcoin could climb to $80,000 in November, with the potential to reach between $90,000 and $100,000 by December. Furthermore, he anticipates that altcoins will notably outperform Bitcoin as yields are expected to decline.

Key Price Levels to Watch

As we transition into November 2024, Bitcoin’s price is hovering around a critical zone. Analysts are closely monitoring key resistance levels, particularly the $74,500 to $75,500 range, which could act as a barrier if Bitcoin attempts to surpass it. If Bitcoin manages to break through, the anticipated support levels are between $71,500 and $72,000. Additionally, there’s potential for an upswing toward $77,000 to $80,000, contingent on whether $73,800 can be flipped into a support level. Keeping a close eye on these pivotal price points is crucial for gauging Bitcoin’s short-term direction.

Moreover, van de Poppe highlighted that the recent dip in Bitcoin’s price seems to have concluded, as the market enters a new macroeconomic phase driven by significant PMI data. His optimistic outlook suggests that Bitcoin will test its ATH within two to four weeks, signaling a bullish sentiment for both Bitcoin and altcoins in the coming months.

BTC Current Market Sentiment

The current market sentiment surrounding Bitcoin is overwhelmingly bullish, largely due to the success of Spot ETFs launched earlier this year. Since the approval of Bitcoin ETFs in early 2024, the market has experienced substantial growth. U.S. spot ETFs are expected to hold 1 million BTC by next Wednesday, with projections indicating they could even exceed Satoshi Nakamoto’s total of 1.1 million BTC by December. Bloomberg Analyst Eric Balchunas has observed that U.S. Bitcoin ETFs are adding approximately 17,000 BTC per week, already surpassing Binance’s total BTC holdings.

According to van de Poppe, December could witness significant price surges for Bitcoin. As the crypto community awaits Bitcoin’s next moves, all eyes are on whether the cryptocurrency aligns with van de Poppe’s predictions, potentially achieving new milestones this year.

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