Bitcoin, which is still gripping strongly on the $19,000 level, is predicted to make a breakthrough at $30,000 before the year ends.
Michael van de Poppe, the founder and CEO of Eight, believes the popular cryptocurrency will deliver bullish prices in the next month. He pointed out that Bitcoin is currently marked by a distinct lack of volatility, with signs signing that the sideways trend is due to a major shake-up. It should be noted that BTC’s Bollinger Bands versus the Nasdaq are the tightest in history. TechDev, a popular analyst, said the price vs. NASDAQ peaked at Bitcoin’s last impulse top in April 2021. It has been consolidating during the 1.5-year correction. An upside break should be expected – strong Bitcoin outperformance.
Van de Poppe regards an upside potential as more attractive than further bearish behavior with BTC set to add as much as 35% in the coming weeks. Bitcoin will break out significantly within two to three weeks. He sees an upside. The analyst sees $30,000. Van de Poppe says the breakout will surpass the relief rally target, but popular pundit Il Capo of Crypto sees a breakthrough set at $21,000. He predicts the $21,000 zone is likely to come this week. Van de Poppe tweeted that the market is looking good, with higher highs and higher lows and upped demand.
Glassnode, an on-chain analytics firm, has set out its own bull case for Bitcoin with a focus on long-term holders and exchange buyers. The firm’s weekly newsletter highlighted that the Bull Case takes a look at the HODLers. It said the supply flows out of exchanges and into HODLer wallets is at an all-time high. The newsletter outlined that despite being small in relative number, the conviction of Bitcoins die-hard believers is unshaken and their balance continues to grow, through thick and thin.
At the time of writing this article, Bitcoin was down 0.58% in the last 24 hours and trading at $19,289. Ethereum was changing hands at $1,344.