Bitcoin (BTC) price reached its lowest level in two months on August 22nd, hitting $25,350 after weeks of hovering in a price consolidation zone between $28,500 and $31,800. It then recovered slightly and rose back to the $26,500 level. Amidst all of this, renowned crypto analyst MichaÃ«l van de Poppe made some significant remarks.
MichaÃ«l van de Poppe, a well-known crypto analyst, believes that things could change positively in the coming period as the market cycle theories are being tested before the occurrence of the Bitcoin Halving in 2024 and the potential good news regarding BTC spot ETFs. He addressed his followers as follows:
Cycles can be highly comparable. Whether you like it or not. Cycles repeat themselves, especially when there is a component called halving. We are currently about 250 days away from the Halving, and the current period can be classified as the final sweep before the bull continues.
When discussing past cycles, the crypto analyst compares the current 2022/2023 period with the previous ones, stating that the first stage of the cycle is the bear market stage, while the second one is the price consolidation stage.
According to Van de Poppe, these stages usually come before the bull market. He predicts that they could happen a few days before the halving, triggered by positive news about Bitcoin spot ETFs. The famous analyst made the following comment:
I would like to compare the current cycle to 2015/2016 because we have a large group of new participants joining the markets. In this cycle, the price had increased by more than 2x before the halving. This means that Bitcoin could reach $50,000 to $55,000 before the Halving. ETF approval?
Interestingly, MichaÃ«l also mentioned altcoins in the same post he shared on X (formerly known as Twitter). The crypto analyst stated that altcoins are turning when no one expects and no one wants to see it.
After a slight recovery from the lowest level in two months, Bitcoin is currently trading at $26,464. Despite Van de Poppe’s positive expectations for Bitcoin’s market cycle, Bloomberg’s senior commodity strategist Mike McGlone believes that the leading cryptocurrency could be in trouble based on its market value due to the similarity between its price chart and the stock market chart of the 1930s after the great crisis of 1929.
Furthermore, there are some concerns about the ability of the 2024 halving to reflect past performances as Bitcoin mining difficulty constantly increases over time. All in all, Bitcoin’s ability to meet the expectations of the above analyst could depend on further developments in Bitcoin, as well as the broader crypto and macroeconomic environment.