Trader van de Poppe's opinion on the Bitcoin exchange rate

Trader van de Poppe's opinion on the Bitcoin exchange rate

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by Max Nevskyi

3 years ago

Famous analyst and founder of the investment company Eight, Michael van de Poppe, shared his thoughts on the future price of Bitcoin (BTC), which recently reached $48,000 after a correction to $38,000. Van de Poppe highlighted several key factors contributing to the rise, including the launch of ETFs and capital outflow from Grayscale GBTC, pointing out the significant influence of Bitcoin funds on the market.

He also noted issues with the US economy, particularly Vladimir Putin's comment on the US debt of $33 trillion, which, according to van de Poppe, instills fear in people and contributes to growing interest in Bitcoin as protection against a potential economic crisis. Van de Poppe emphasized that $2.2 billion has already been invested in Bitcoin ETFs, indicating a shift in market sentiment and increased interest in Bitcoin.

The analyst proposed several scenarios for the future price of BTC, including the possibility of consolidation before further growth or a short-term peak followed by a correction. He suggested that the price of Bitcoin could reach $56,000, after which a 20% decline is possible, or the price could peak in the range of $54,000 - $58,000 followed by a 30% correction. Van de Poppe recommends a "buy and hold" strategy, advising to sell if the price reaches $56,000 without corrections, and then buy back at 10-20% cheaper.

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