- Bitcoin Price Path and Short-Term Projections
- Correlation Between Bitcoin and Gold
- Skeptical Views from Other Analysts
Michael Van De Poppe, founder of MN Consultancy, predicts that Bitcoin will soon hit a new all-time high, surpassing its previous peak of $73,700. Van De Poppe anticipates a short-term pullback to $57,000 before the upward momentum continues.
Bitcoin Price Path and Short-Term Projections
Michael Van De Poppe noted that even though Bitcoin did not reach its previous target of $61,000, it is still following the projected trajectory. Last week, the cryptocurrency achieved a weekly high of $60,582 as bulls attempted to reverse the bearish trend that had persisted throughout most of September. Van De Poppe accurately predicted Bitcoin's price decline earlier in September, expecting it to drop to $54,300 before recovering. Now, the analyst foresees a temporary pullback to $57,000, which is crucial for maintaining support and allowing further growth.
Correlation Between Bitcoin and Gold
Van De Poppe's prediction is partly based on the recent increase in gold prices. Gold reached a new all-time high of $2,589 as investors sought safer assets amid reduced risk appetite. Bitcoin, often referred to as 'digital gold,' is expected by Van De Poppe to follow a similar trend, rising by 21% to set a new record high next month.
Skeptical Views from Other Analysts
However, Van De Poppe's prediction contrasts with the outlook of Bloomberg's senior analyst Mike McGlone, who has expressed skepticism about Bitcoin's short-term performance. McGlone suggested that the ratio between Bitcoin and gold is trending downward after peaking in March. He believes Bitcoin's price could fall to $31,500. Analyst Ali Martinez also warned that Bitcoin's failure to break above the 200-day moving average of $64,000 could result in a steep decline to $31,000.
Despite varying predictions, Bitcoin continues to capture the attention of investors. The coming weeks will reveal whether the cryptocurrency can achieve a new record or face further corrections.
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