Analysts Say Bitcoin Will Rally to $250,000 If This Condition Is Met
August 11, 2024 20:00 •
According to CoinMarketCap, the Bitcoin price did not see a significant increase in the last day, rising only 0.78%. After the massive collapse of global financial markets, the crypto market leader has made a strong recovery in the past week, rising 16% to a peak of $62,000. As Bitcoin currently maintains a sideways trend, crypto analyst Michaël van de Poppe revealed the possible conditions for the coin's next bullish run.
Analysts Say Bitcoin Will See a Bullish Breakout If This Price Action Occurs
In an X post on August 10, van der Poppe shared an interesting prediction about Bitcoin’s price trajectory, saying that if the digital asset closes its monthly candle near the $60,000 price range, it could indicate that the asset is consolidating for a breakout. According to the crypto veteran, this consolidation could eventually drive Bitcoin to start a bullish run to reach a price target of $250,000, which represents a potential gain of 350% from the coin’s current price.
It’s still early in the month but if the monthly BTC candle will close around $60k, it looks like it’s consolidating before a big bull breakout.
We are likely at the beginning of ;- Bitcoin’s massive run to over $250,000
– Surge in#Altcoinspic.twitter.com/Tk7wz3lm95
— Michaël van de Poppe (@CryptoMichNL) August 10, 2024
After the Bitcoin halving event in April, investors and market experts still highly expected a bullish price rally for the top cryptocurrency, just like in previous years. However, over the past four months, Bitcoin has only shown consistent range-bound fluctuations between $55,000 and $70,000.
Nonetheless, these price actions did not cause any panic, as Bitcoin is known to historically start its bullish run approximately six months after the halving event, which is close to van der Popp’s prediction. Interestingly, the current bull cycle in particular is surrounded by a high level of optimism, as evidenced by multiple six-figure price predictions from top analysts. This is driven by a number of factors, most prominently the Bitcoin spot ETF.
Interestingly, these Bitcoin ETFs, currently valued at $17 billion, could see huge inflows after U.S. banking giant Morgan Stanley approved 15,000 advisors to officially offer these funds as portfolio additions. In addition, the digital asset industry has recently made an unexpected foray into the U.S. political arena, as the opinions of political parties and candidates on crypto policy now look crucial in the upcoming November elections.
It appears that this emerging industry may finally receive enough support from the U.S. government in terms of regulation and legality, which could improve the performance of various cryptocurrencies, especially Bitcoin, within 12-18 months.
BTC Price Overview
At the time of writing, Bitcoin continues to trade at $60,944, having grown by 0.44% over the past seven days. Meanwhile, the coin’s daily trading volume has dropped by 52.88% to $15.7 billion.
