This is driven by many factors, most prominently the Bitcoin spot ETFs. Interestingly, these Bitcoin ETFs currently valued at $17 billion, may be set for monumental inflow levels after American banking giant Morgan Stanley sanctioned 15,000 advisers to officially offer these funds as portfolio additions. Furthermore, the digital asset industry has recently made an unexpected foray into the US political scene as party and candidate opinions on crypto policy now look pivotal in upcoming elections in November. It appears this nascent industry may finally receive sufficient support from the US government in terms of regulations and legitimacy, which can boost the performance of various cryptocurrencies especially Bitcoin over 12 – 18 months. BTC Price Overview At the time of writing, Bitcoin continues to trade at $60,944 with a 0.44% increase in the last seven days.
According to the crypto veteran, it is likely that such consolidation could finally propel Bitcoin to embark on a bullish run reaching a price target of $250,000, which represents a potential 350% gain on the token’s current price. Following the Bitcoin halving event in April, investors and market experts remain highly expectant of a bullish price run by the premier cryptocurrency as seen in previous years. However, Bitcoin has only shown a consistent range-bound movement moving between $55,000 to $70,000 over the last four months. Albeit, these price actions draw no cause for alarm as Bitcoin is known to historically commence its bullish run approximately six months after the halving event, which falls close to van de Poppe’s prediction.
As Bitcoin currently retains a sideways movement, crypto analyst Michaël van de Poppe has revealed a likely condition for the token’s next bullish run. Bitcoin Poised For Bullish Breakout If This Price Action Happens, Analyst Says In an X post on August 10, van de Poppe shared an interesting prediction on Bitcoin’s price trajectory stating that if the digital asset closed its monthly candle around the $60,000 price zone, it could indicate the asset is consolidating for a breakout.
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