Famous cryptocurrency analyst Michaël van de Poppe recently shared his views on the future of Bitcoin.
With Bitcoin rising to $50,000 and above, the question on everyone's mind seems to be whether it will reach $100,000 in the next few months.
Bitcoin price has been on an upward trend, with its rise from $25,000 to $49,000 starting before the launch of ETFs. This rally resulted in net inflows into ETFs of more than $2 billion in one week.
However, BTC outflows from Grayscale's Bitcoin Spot ETF product GBTC were a source of FUD during this rally period. Despite the negative sentiment, markets showed significant interest in Bitcoin Spot ETFs, reversing from $39K. This caused it to peak at $53 thousand and a continuous inflow.
So what does this mean for the cryptocurrency market?
Van de Poppe believes that if macroeconomic events turn slightly negative (as we saw last week with the Consumer Price Index rising slightly) we could see a correction. According to the analyst, this could also occur if other factors, such as reduced inflows or more parties other than ETF sales, lead to a change in sentiment and thus lead to a significant correction.
Given the current sentiment, these corrections are expected to be rapid, according to the analyst. While it's unclear exactly when these will happen, Van de Poppe thinks the data suggests markets peaked between $53-58,000 and could experience a 20-40% correction from there.
It remains unclear whether this correction will occur in the coming weeks or in March. However, one thing is clear, according to the analyst, the markets are moving organically and experiencing healthy corrections despite the general sentiment.
*This is not investment advice.
