On the first day of October, a tweet from renowned investor and analyst brought joy to everyone. Michael van de Poppe, the founder and CEO of MN Trading, predicted a Bitcoin rally in the last quarter of 2023. According to the analyst, the year-end target for the Bitcoin price is $40,000!
Attention-Grabbing Forecast by a Famous Analyst
The famous analyst evaluated this prediction based on several developments and coined the term “Uptober” for the month of October. Referring to the last quarter of 2023, the analyst drew attention to the approval of ETF applications and the upcoming halving event in April as potential catalysts for a Bitcoin rally. With this analysis, the analyst managed to capture everyone’s attention.
Hours after Poppe’s tweet, another analyst, Juan Percent Trader, pointed out clear signals of an upward trend in the market. However, he also emphasized that the market could move in either direction. Despite the bullish signals, the investor warned about the risks associated with the cryptocurrency market and advised caution.
According to Juan, the ETF applications and the halving event mentioned by Poppe are promising for everyone. Additionally, the investor highlighted the movements in the fourth quarter of previous years, stating that Bitcoin price dynamics don’t always work in an upward trend. Therefore, he advised investors to diversify their portfolios.
Bitcoin Performance in 2023
Bitcoin experienced a volatile year influenced by various events. The flagship of the cryptocurrency market started the year with an increase and gained over 91% when considering the highest level reached during the year. According to TradingView data, Bitcoin started the year at $16,541 and reached its highest level at $31,804 in mid-July.
During this period, Bitcoin faced significant pressure due to regulatory developments in the United States and Europe. Additionally, in 2023, a year dominated by macroeconomic data, Bitcoin faced a serious challenge.
At the time of writing, Bitcoin was trading at $27,270, recording a daily gain of 1.03% on the chart. With the continuation of the upward trend, Bitcoin could face a test at the resistance level of $27,483 and make efforts to reach the target predicted by Poppe.
