Bitcoin analyst Michaël van de Poppe suggests that the bear phase for Bitcoin has come to an end, citing a pattern of higher lows and a strengthening technical structure on various timeframes.
Van de Poppe argues that the consistent formation of higher lows indicates a sustained upward momentum for BTC.
“The upside on commodities is over. The bear phase for Bitcoin is also over. Exciting times lie ahead…
We have been in this range for a while now. However, with this build-up, I anticipate that we will see Bitcoin reach $75,000-80,000 by March.”
Van de Poppe also references the BTC versus gold chart as additional evidence.
The BTC vs. Gold chart has hit its lowest point. This is purely a technical observation, unrelated to geopolitical events. There is a strong bullish divergence on the daily and weekly timeframes.”
He also believes that the market shock from the US and Israel’s actions against Iran has mostly subsided.
While a ground war in Iran is possible, the major impact of the recent events has already occurred.
Let’s be rational; there is a lot of fear-driven speculation about what may happen next. Reality may not be as dire as some fearmongers suggest. Fear tends to dominate during such periods.
In fact, I anticipate that we will see more selling of gold and silver by savvy investors, with a shift towards equities and Bitcoin.”
As of now, Bitcoin is priced at $68,291, experiencing a 3.7% decrease in the last 24 hours.
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