Following the recent rally that took the Bitcoin (BTC) price above $42,000, popular cryptocurrency analyst Michaël van de Poppe expressed his views on X.
The analyst said that such sudden increases are normal in the cryptocurrency market and explained that the Bitcoin price should remain above $ 36,000 to $ 38,000 in order to continue its positive trend.
He said that if BTC can maintain these levels, $ 47,000 to $ 50,000 is possible before spot ETF approvals and the short-term peak may be these points.
However, continuing his claims, the analyst also touched upon the altcoin market, which could not demonstrate the same impressive performance while Bitcoin continued its rally. Van de Poppe argued that altcoins could experience a major rally in the first quarter of 2024. In addition, he said that the biggest bear market ever experienced in the altcoin world was experienced.
Claiming that the bull cycle has begun, the analyst stated that the new cycle will be similar to the one in 2017, with institutional investors pouring money into the market.
*This is not investment advice.