Bitcoin To Rally To $250,000 If This Condition Is Met, Analyst Says
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The price of Bitcoin has shown minimal movement in the last day, rising by only 0.78%. After a global financial market crash, Bitcoin recovered impressively last week, reaching a peak of $62,000. Analyst Michaël van de Poppe suggests that if Bitcoin closes its monthly candle around $60,000, it could signal consolidation for a breakout, potentially driving the price up to $250,000.
Following the Bitcoin halving event in April, investors are optimistic about a potential price increase, reflecting previous patterns. Thus far, Bitcoin has shown range-bound movement between $55,000 to $70,000. Historically, bullish runs start about six months after the halving event, aligning with van de Poppe's prediction.
The current bull cycle is characterized by optimism, driven by multiple six-figure price predictions and factors like Bitcoin spot ETFs. Notably, Morgan Stanley has allowed 15,000 advisors to offer these ETFs, which are currently valued at $17 billion, as portfolio additions, possibly leading to substantial inflows.
The digital asset industry is also entering the U.S. political scene, as crypto policies become pivotal in upcoming elections. Potential regulatory support from the U.S. government might boost the performance of cryptocurrencies, especially Bitcoin, over the next 12-18 months. Bitcoin is trading at around $60,944, with a daily trading volume of $15.7 billion, down by 52.88%.
Source: www.newsbtc.com ↗
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