- Michael van de Poppe predicts Bitcoin’s value to surge in Q4 2023.
- Poppe’s forecast suggests the surge will be driven by ETF approvals.
- Bitcoin is currently trading at $27,107, rebounding from $25,990.
Michael van de Poppe, a respected cryptocurrency analyst and the CEO of MN Trading, has forecasted a surge in Bitcoin’s
Poppe’s forecast was shared in a post where he greeted his followers at the start of the new month, signifying the commencement of the final quarter 2023. He referred to October as Uptober, indicating that the anticipated Bitcoin surge will be driven by ETF approvals and positive market attitudes in anticipation of the forthcoming Bitcoin halving in 2024.
After Poppe’s update, another user of the X app, Juan Percent Trader, highlighted that the market’s direction remains uncertain despite the evident bullish indicators. He stated that although the market conditions appear favorable, it does not guarantee any positive outcomes.
Juan suggests that ETFs and pre-halving hold potential, but he emphasizes that he has witnessed numerous Q4s, each unique in its narrative. He pointed out that the current indicators in the Bitcoin market do not assure a positive trend. Therefore, he recommends that Bitcoin traders and cryptocurrency investors spread their investments.
Bitcoin’s performance this year has been quite dynamic, exhibiting a fluctuating trend. The leading digital currency started the year positively, recording a surge of over 91% at its peak annual price. Bitcoin’s opening price for the year was $16,541, and it reached a high of $31,804 in mid-July, as per the data provided by TradingView.
Bitcoin’s price has seen variations due to both technical and macroeconomic elements, including regulatory challenges from major economies such as the United States. However, the leading cryptocurrency continues to demonstrate resilience, consistently bouncing back.
At the moment of drafting this, Bitcoin is trading at $27,107, having rebounded from a support level of $25,990. If the bullish momentum persists, the price could surpass the immediate resistance level of $27,483 and continue its upward trajectory towards the target predicted by Poppe.
