Crypto analyst Michael van de Poppe claims that despite the flagship cryptocurrency trading below a significant resistance level, there is a bullish trend surrounding Bitcoin. Referring to a potential upward movement, Van de Poppe stated on Twitter that Bitcoin is “close to a party”.
“Consolidation Phase in BTC!”
The widely followed crypto analyst also mentioned in a chart that the rally could start at a price above $30,000. Furthermore, according to Van de Poppe, a price below $29,700 indicates consolidation for Bitcoin. The analyst stated:
The Bitcoin party starts when we break $29,700. Until then, only consolidation.
The prominent crypto analyst also suggested that the potential authorization of spot Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) in the US would serve as a catalyst for the market. Regarding the matter, the expert said:
ETFs are just around the corner. It will have a much bigger impact on the markets than you think. Buy the dips for Bitcoin and Ethereum as much as you can.
Claims of Bloodshed in BTC!
Van de Poppe also drew attention to the possibility of the flagship cryptocurrency falling below $12,000, which is approximately the lowest level in 34 months, following BlackRock’s application for a spot Bitcoin ETF and PayPal’s announcement of a stablecoin. He emphasized the doubts about the likelihood of this scenario and stated:
The largest asset manager applied for a Bitcoin ETF in 2023. The largest fintech company is issuing a stablecoin in 2023. Yet you still think Bitcoin will reach $12,000. Think again.
Returning to the broader crypto market, Van de Poppe concluded his remarks by suggesting that the total crypto market capitalization could surpass $1.5 trillion from the current $1.23 trillion, based on a chart. He stated:
The total market capitalization of crypto is seeking a higher new low… We have been in an upward trend since November 2022.
