According to Michael van de Poppe founder and CEO of the trading company Eight, it is highly likely that the bitcoin price reaches $30,000 in November. Does he add that a breakup is expected, but is this a realistic prediction?
A significant breakthrough towards $30,000?
It seems that the volatility compression phases have come to an end and that a break is possible for Bitcoin. Besides, Michael van de Poppe founder and CEO of the company Eight Global, strongly believes. He also shared it with his Twitter followers on October 25, 2022 by sharing a tweet about his predictions. For him, the price of BTC should follow a rising curve from next month. Admittedly, on shorter time scales, but it an increase all the same. For him, it is very likely that the price of bitcoin will reach 30 000 dollars next month.
Within 2-3 weeks, #Bitcoin will break out significantly.
My take is the upside.
My guess is probably $30K.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2022
This significant breakthrough should delight holders of the first cryptocurrency market, but also all investors. It should be noted that van de Poppe is not the first to be so optimistic about the value of Bitcoin in the near future. Other analysts have indeed delivered bullish forecasts on the price of BTC lately.
A good expected performance
The price of the BTC/USD pair is marked by a lack of volatility. However, analysts have seen signs that could indicate that the sideways trend will change in the coming weeks.
If we refer to the Bollinger bands of Bitcoin against the Nasdaq, we realize that it is tight. For many crypto analysts, including TechDev, it is one of the tightest in history. For him as for the others, this means only one thing: a strong rise in BTC. On Twitter, he notably pointed out that the price of BTC against the Nasdaq peaked in April 2021. As a reminder, this is the same period when we noted a strong impulse in BTC. This was followed by a consolidation phase and a correction that lasted over a year and a half. For TechDev, all the signs point to a break up and a strong rally for Bitcoin in the coming months.
Graphique du BTC vs. NASDAQ | Source : Twitter @TechDev_52
For his part, van de Poppe also sees positive signs. He believes that BTC’s upside potential is far more comforting than the thought of a bearish turn. According to him, the pair BTC/USD is expected to gain up to 35% in the coming weeks.
“Within 2-3 weeks, bitcoin will make a significant breakthrough…” “My estimate is probably $30,000.”
A final uptrend for 2022
van de Poppe thus predicts a bullish phase for BTC. This is within 2 to 3 weeks. For him, the asset shouldn’t have too much trouble reaching $30,000. If this were to be confirmed, then it would exceed the rally announced by the famous analyst il Capo of Crypto. As a reminder, he had announced for a few months that the price of Bitcoin was going to be fixed at $21,000. Before trading began on Wall Street, however, he suggested that the $21,000 area should appear this week.
For him, the market is good for one last upside move. In a tweet, he said, among other things, that higher highs are to be expected in the coming days on the one hand. On the other hand, to higher lows on ltf with demand revised upwards.
In sum, for most analysts, the Bitcoin bullish scenario is very possible. The Glassnode company, specializing in the analysis of the chain, also shared its feelings. This relates more to long-term holders (LTH) and buyers on exchanges than to the price of BTC.
Hodlers persist and sign
According to him, exchanges are seeing large amounts of BTC leaving. For their part, the hodlers continue to cling to the BTC, hoping for a strong comeback with each upward or pseudo-upward movement. Also according to Glassnode, supply flows off exchanges and into Hodlers’ wallets are higher than ever.
There was a lot of feast. How much famine will come? pic.twitter.com/gCaM4unVqD
— Bitcoin (@Bitcoin) October 25, 2022
The holder’s faith in Bitcoin is relatively unshakable. More than ever, they are waiting for a possible rise for the last quarter of 2022. If the short-term predictions remain quite reasonable, long-term predictions are more ambitious. Indeed, some analysts do not hesitate to put forward a price of nearly $2 million by 2028.
On the same subject: Bitcoin outperforms almost all assets in Q3, explosion in sight in Q4?
