{"id":572002,"date":"2024-01-28T10:25:50","date_gmt":"2024-01-28T10:25:50","guid":{"rendered":"https:\/\/wncen.com\/?p=572002"},"modified":"2024-06-11T07:02:43","modified_gmt":"2024-06-11T07:02:43","slug":"analyst-predicts-bitcoin-consolidation-eyes-long-term-price-target-of-500000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-predicts-bitcoin-consolidation-eyes-long-term-price-target-of-500000\/","title":{"rendered":"Analyst Predicts Bitcoin Consolidation, Eyes Long-Term Price Target Of $500,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In the last day, Bitcoin (BTC) has notched up minor gains to the tune of 0.7%, pushing its market price above the $42,000 mark. Investors in the world\u2019s leading cryptocurrency are likely encouraged by this recent price gain, following the<a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-plummets-20-post-etf-approvals-whats-behind-the-crash\/\" target=\"_blank\" rel=\"noopener \"> 20% price decline<\/a> that trailed the<a href=\"https:\/\/wncen.com\/breaking-news-ticker\/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000\/\" target=\"_blank\" rel=\"noopener \"> highly anticipated approval of the Bitcoin spot ETFs<\/a> earlier in January.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400\">Amidst many speculations on BTC\u2019s next movement, popular crypto analyst Micha\u00ebl van de Poppe has released a prediction that indicates Bitcoin\u2019s movement may be restricted for the coming months. Albeit, he projects a massive price surge in future years.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits<\/a><\/div>\n<h2><strong>Bitcoin Potential Consolidation Paves The Way For Altcoin Boom<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/x.com\/CryptoMichNL\/status\/42039425?s=20\" target=\"_blank\" rel=\"noopener nofollow\">a post on X on January 27,<\/a> van de Poppe shared an intriguing forecast on Bitcoin\u2019s price trajectory, as he predicted the digital asset to soon enter a consolidation state.\u00a0 <\/span><span style=\"font-weight: 400\">According to the crypto analyst, Bitcoin is likely to trade between $37,000 &#8211; $48,000 for the next few months. If this prediction holds true, BTC could maintain its current upward trajectory and head for the $48,000 zone before experiencing any major pullback.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> dominance peaking a few months prior to the Bitcoin halving.<\/p>\n<p>History repeating itself.<\/p>\n<p>It has happened in 2016, 2020 and seems likely to happen in 2024 as well.<\/p>\n<p>Once <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> bottoms out, I expect altcoins to start outperforming. <a href=\"https:\/\/t.co\/82VkuFr4Tq\" rel=\"nofollow\">pic.twitter.com\/82VkuFr4Tq<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/85704688?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 20, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, van de Poppe also stated that a possible Bitcoin consolidation would lead to altcoins recording significant market gains. In a <a href=\"https:\/\/x.com\/CryptoMichNL\/status\/85704688?s=20\" target=\"_blank\" rel=\"noopener nofollow\">previous prediction,<\/a> the crypto enthusiast shared a similar belief explaining that BTC is gradually approaching its peak market dominance with the Bitcoin halving event just a few months away.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Based on historical data from 2016 and 2020, when BTC attains its highest level of market dominance, the altcoins embark on a bullish run and even outperform the market leader. Micha\u00ebl van de Poppe is projecting a similar occurrence in the coming months, accompanied by a BTC consolidation phase.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-biggest-winner-post-etf-approval-glassnode\/\" target=\"_blank\" rel=\"noopener \">Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode<\/a><\/div>\n<h2><strong>Analyst Remains Optimistic About Long-Term ETF Impact On BTC<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In the same post on X on January 27, de Poppe also commented on the potential effects of the Bitcoin spot ETF on the asset\u2019s price. The analyst expressed much confidence in the newly introduced exchange-traded products\u00a0 (ETP) stating they had the potential to spur BTC to a market price of $300,000 to $500,000 in the coming years.<\/span><\/p>\n<p><span style=\"font-weight: 400\">His prediction comes as the Bitcoin spot ETF market is currently witnessing a decline in outflows following a rather perturbing start which saw over<a href=\"https:\/\/wncen.com\/news\/bitcoin\/blackrocks-ibit-maintains-lead-in-bitcoetf-market-crosses-2-billion-in-inflows\/\" target=\"_blank\" rel=\"noopener \"> $4.786 billion exit the novel market<\/a> within its first 10 trading days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On January 26 (trading 11), the BTC spot ETF recorded a new minimum outflow of $255.1 million, according to <a href=\"https:\/\/x.com\/BitMEXResearch\/status\/43219682?s=20\" target=\"_blank\" rel=\"noopener nofollow\">data from BitMEX Research.<\/a> At the time of writing, total net flows in the ETF market stand at $759.4 million with Bitcoin trading at $42,088.\u00a0 <\/span><span style=\"font-weight: 400\">If de Poppe\u2019s forecast proves true, investors in both markets could record massive profits in the coming years.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/SetDLQRf\/\" alt=\"Bitcoin\" width=\"1479\" height=\"893\"><\/span><\/p>\n<pre style=\"text-align: center\">BTC trading at $42,088 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Business Today, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the last day, Bitcoin (BTC) has notched up minor gains to the tune of 0.7%, pushing its market price above the $42,000 mark. Investors in the world\u2019s leading cryptocurrency are likely encouraged by this recent price gain, following the 20% price decline that trailed the highly anticipated approval of the Bitcoin spot ETFs earlier in January.\u00a0 Amidst many speculations on BTC\u2019s next movement, popular crypto analyst Micha\u00ebl van de Poppe has released a prediction that indicates Bitcoin\u2019s movement may be restricted for the coming months. Albeit, he projects a massive price surge in future years. Related Reading: Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits Bitcoin Potential Consolidation Paves The Way For Altcoin Boom In a post on X on January 27, van de Poppe shared an intriguing forecast on Bitcoin\u2019s price trajectory, as he predicted the digital asset to soon enter a consolidation state.\u00a0 According to the crypto analyst, Bitcoin is likely to trade between $37,000 &#8211; $48,000 for the next few months. If this prediction holds true, BTC could maintain its current upward trajectory and head for the $48,000 zone before experiencing any major pullback.\u00a0 Interestingly, van de Poppe also stated that a possible Bitcoin consolidation would lead to altcoins recording significant market gains. In a previous prediction, the crypto enthusiast shared a similar belief explaining that BTC is gradually approaching its peak market dominance with the Bitcoin halving event just a few months away.\u00a0 Based on historical data from 2016 and 2020, when BTC attains its highest level of market dominance, the altcoins embark on a bullish run and even outperform the market leader. Micha\u00ebl van de Poppe is projecting a similar occurrence in the coming months, accompanied by a BTC consolidation phase. Related Reading: Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode Analyst Remains Optimistic About Long-Term ETF Impact On BTC In the same post on X on January 27, de Poppe also commented on the potential effects of the Bitcoin spot ETF on the asset\u2019s price. The analyst expressed much confidence in the newly introduced exchange-traded products\u00a0 (ETP) stating they had the potential to spur BTC to a market price of $300,000 to $500,000 in the coming years. His prediction comes as the Bitcoin spot ETF market is currently witnessing a decline in outflows following a rather perturbing start which saw over $4.786 billion exit the novel market within its first 10 trading days.\u00a0 On January 26 (trading 11), the BTC spot ETF recorded a new minimum outflow of $255.1 million, according to data from BitMEX Research. At the time of writing, total net flows in the ETF market stand at $759.4 million with Bitcoin trading at $42,088.\u00a0 If de Poppe\u2019s forecast proves true, investors in both markets could record massive profits in the coming years. BTC trading at $42,088 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from Business Today, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":572003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[91120,428,6848,86326,1144,78790,85912],"class_list":["post-572002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-bullish","tag-bitcoin","tag-bitcoin-price-prediction","tag-bitcoin-spot-etf","tag-btcusd","tag-btcusdt","tag-michael-van-de-poppe"],"acf":[],"yoast_head":"\n<title>Analyst Predicts Bitcoin Consolidation, Eyes Long-Term Price Target Of $500,000<\/title>\n<meta name=\"description\" content=\"Micha\u00ebl van de Poppe predicts that Bitcoin may be restricted for the coming months. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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