Bitcoin (BTC) price reached a 2-month low at $25,350 on August 22, after weeks of navigating in a price consolidation zone between $28,500 and $31,800.
But Michaël van de Poppe, a well-known crypto analyst, believes that things might positively change in the coming future, as market cycle theories are put to the test, ahead of the Bitcoin halving in 2024 and potential good news regarding BTC spot ETFs nearing.
Cycles repeat themselves, especially when there’s an ingredient called the halving involved. We’re currently approx. 250 days away from the ‘Halving’ and the current period could be classified as the final sweep before the bull continues.”
— Michaël van de Poppe (@CryptoMichNL)
The crypto analyst describes past cycles while making a comparison to the moment we are living in, in what he considers 2022/2023, with the first being the ‘bear market’ phase of the cycle and the second being the price consolidation phase.
According to van de Poppe, these phases usually precede the ‘bull market’ — which he speculates could happen a few days before the halving, triggered by positive news regarding Bitcoin spot ETFs.
Bitcoin price chart with Michaël van de Poppe’s prediction for 2024. Source: X“I would like to compare the current cycle to 2015/2016 as we’ve got a big group of new participants joining the markets. In that cycle, price was up more than 2x pre-halving.
That would mean, Bitcoin to $50-55K pre-halving. ETF approval?”
— Michaël van de Poppe (@CryptoMichNL)
Interestingly, Michaël also mentions the altcoins in the same post made on X (formerly Twitter): “Altcoins are turning around, while nobody expects it and nobody wants to see it,” says the crypto analyst.
After a slight recovery from the 2-month low, Bitcoin is priced at $25,943 by press time.
BTC 1-day price chart. Source: FinboldDespite van de Poppe’s positive expectations about Bitcoin’s market cycle, the senior commodity strategist at Bloomberg, Mike McGlone, believes that the leading cryptocurrency by market cap, could be in trouble, as its price chart resembles the 1930s stock market’s chart, following the major crisis that took place in 1929.
Furthermore, as the Bitcoin mining difficulty continuously increases over time, there are also a few concerns related to the ability of 2024’s halving to mirror past performances.
All things considered, Bitcoin’s ability to meet the above analyst’s expectations will depend on further developments related to Bitcoin, as well as the general sentiment on the wider crypto and macroeconomic landscape.
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