Bitcoin’s price has not shown any significant movement in the past day, up only 0.78% data from CoinMarketCap. After a large-scale crash in global financial markets, the crypto market leader staged a strong recovery this past week, rising 16% to reach a peak of $62,000. As Bitcoin is currently moving sideways, crypto analyst Michaël van de Poppe has revealed a likely condition for the token’s next bullish run.
Bitcoin Poised for a Bullish Breakout If This Price Action Happens, Analyst Says
In one X message on August 10, Van de Poppe shared an interesting prediction about Bitcoin’s price trajectory, stating that if the digital asset were to close its monthly candle around the $60,000 price zone, it could indicate that the asset is consolidating for a outbreak. According to the crypto veteran, it is likely that such consolidation could ultimately push Bitcoin to embark on a bullish run and reach a price target of $250,000, which represents a potential gain of 350% on the token’s current price.
It’s still early in the month, but when the monthly candle goes out $BTC If the price is going to close around $60,000, it looks like it is consolidation before the big bull breakout.
It is very likely that we are at the beginning of; – Bitcoin’s big rise to $250.00+ – The rise of #Altcoins pic.twitter.com/Tk7wz3lm95
— Michaël van de Poppe (@CryptoMichNL) August 10, 2024
Following Bitcoin’s halving in April, investors and market experts remain highly expectant of a bullish price of the major cryptocurrency, as we have seen in previous years. However, Bitcoin has only shown consistent movement between $55,000 and $70,000 over the past four months.
While these price actions are not a cause for alarm, Bitcoin is known to historically start its bullish run about six months after the halving, which is close to Van de Poppe’s prediction. Interestingly, the current bull cycle is mainly surrounded by high levels of optimism, as illustrated by multiple six-figure price forecasts from top analysts. This is caused by many factors, the most notable being the Bitcoin spot ETFs.
Interestingly, these Bitcoin ETFs, currently valued at $17 billion, could see monumental inflows after US banking giant Morgan Stanley sanctioned 15,000 advisors to officially offer these funds as portfolio additions. Furthermore, the digital asset industry has recently made an unexpected entry onto the US political scene, as parties’ and candidates’ opinions on crypto policy now appear crucial in the upcoming November elections.
It appears that this emerging industry may finally gain sufficient support from the US government in terms of regulation and legitimacy, which could improve the performance of several cryptocurrencies, especially Bitcoin, over a period of 12 to 18 months.
BTC price overview
At the time of writing, Bitcoin continues to trade at $60,944, up 0.44% over the past seven days. Meanwhile, the token’s daily trading volume has fallen by 52.88% and is valued at $15.7 billion.
Related literature: Morgan Stanley Authorizes Advisors to Offer Bitcoin ETF Products, Report