Michael van de Poppe identifies $70,000 as the vital support level for Bitcoin's continued upward momentum, eyeing all-time highs by year's end.
Bitcoin surged to $73,220 this week, nearing its all-time high, supported by robust spot ETF inflows and favorable U.S. economic policies.
BlackRock’s Bitcoin ETF recorded $872 million in single-day inflows, further solidifying Bitcoin's strength and investor interest.
Bitcoin's recent rally has sparked excitement across the cryptocurrency landscape, with analyst and trader Michael van de Poppe identifying $70,000 as the key support level to watch. Known on X as @CryptoMichNL, van de Poppe emphasizes that maintaining this level will be crucial if Bitcoin is to sustain its upward trajectory and potentially reach new all-time highs. “As long as we stay above $70K, it’s party time,” he shared in a recent tweet, reinforcing optimism for Bitcoin’s short-term outlook.
Bitcoin's Near-Term Growth Potential
According to van de Poppe, Bitcoin’s current trend suggests further gains in the months ahead. He anticipates that Bitcoin could reach $80,000 by November, with the possibility of climbing as high as $90,000–$100,000 by December. This projection adds fuel to a wave of optimism among investors, especially as Bitcoin saw a significant 7% jump this week, reaching $73,220 from an initial $68,410. Despite a minor dip of 1.3%, Bitcoin remains close to its recent all-time high of $73,750, currently trading around $72,310.
https://twitter.com/CryptoMichNL/status/1851904444255949276
Spot Bitcoin ETF Inflows Surge
The recent surge in Bitcoin’s price has been partially attributed to a sharp rise in spot Bitcoin ETF inflows, particularly with BlackRock’s ETF, which recorded a historic single-day inflow of $872 million on October 30. This development has underscored growing institutional interest, with BlackRock significantly outpacing other ETFs in terms of daily inflows. Fidelity reported $12.6 million, while VanEck, Invesco, and Valkyrie saw smaller inflows of $4.1 million, $7.2 million, and $6.1 million, respectively.
Monetary Policies and Investor Optimism
Beyond ETF inflows, recent monetary policies in the U.S. and other major economies have also bolstered Bitcoin's appeal. Easing financial conditions, alongside an increased demand for Bitcoin as an inflation hedge, have further solidified investor confidence. This week’s strong rally in Bitcoin price follows these favorable macroeconomic factors, indicating a potential sustained interest in the digital asset.
Market experts continue to point to the pivotal $70,000 level as a threshold that could sustain Bitcoin’s upward momentum. Van de Poppe’s analysis reflects a broad sentiment of optimism as the market speculates on new highs in Bitcoin's price. The latest rally reflects increased market enthusiasm, bolstered by ETF investments and a steady rise in institutional interest.
