- Top market analyst Michael va de Poppe is optimistic in the potential upsurge in Bitcoin price.
- For Chainlink, the analyst believes a correction that will lead to eventual price growth is underway.
Crypto analyst Michael van de Poppe, a well-respected figure in the crypto space, has made headlines with his bullish outlook on Bitcoin (BTC). With over 668,000 followers on the X platform, van de Poppe’s opinions carry weight in the crypto community. In a recent update, he has made some intriguing predictions about BTC and Chainlink (LINK).
Bitcoin Poised for New Highs
The analyst’s first prediction centers on Bitcoin, the pioneer cryptocurrency that generally defines the market momentum. According to van de Poppe, Bitcoin is on the verge of reclaiming the $29,000 to $30,000 range and potentially reaching new monthly highs. As of the time of writing, BTC is valued at $27,931, up by 1.5% in the past 24 hours.
This optimism comes after Van de Poppe noted that Bitcoin was in a consolidation phase. He believes that this consolidation could also provide a much-needed boost to certain altcoins, as they gain momentum in the currently erratic market.
“Altcoins had a substantial correction overnight, while Bitcoin is consolidating. The trendy coins from last weeks have seen a massive correction too. As long as Bitcoin consolidates, I’ll expect that those assets continue to show momentum. It takes a few days,” he explained.
In essence, the analyst suggests that Bitcoin’s stability can serve as a catalyst for the altcoin market, potentially leading to significant price movements in various cryptocurrencies.
Similarly, former BitMEX CEO Arthur Hayes has predicted that the price of Bitcoin will be between $750,000 and $1 million by 2026. Several circumstances, according to Hayes, might make this plausible. The first is the prospect of a financial collapse, which would cause interest rates to fall to zero.
On the contrary, when interest rates rise but not as quickly as government spending, the price of Bitcoin might skyrocket. When combined with the halving event next year, Hayes believes that the price might reach $70,000 by the end of 2024.
Chainlink Facing Final Correction
While van de Poppe is bullish on Bitcoin, he offers a slightly contrasting view of Chainlink (LINK). The analyst believes that Chainlink is currently undergoing its “final correction” before a breakout that could extend into the following year.
“The final correction for Chainlink before we’ll break out of this range. The markets are still heating up for a big breakout, and if cycles do take place, 2024 is going to be a big year for LINK. Expecting to see some retests around $7 to be bought, before $12-15,” he noted.
In a follow-up assessment, van de Poppe confirmed that LINK is indeed experiencing the anticipated correction, which is seen as a necessary precursor to a potential upward breakout. “Pretty substantial reaction here from LINK. Didn’t reach my level yet, but it seems that this is the correction before a breakout upwards is the most likely occurrence,” he added.
As of the time of writing, LINK is valued at $7.63, reflecting a 1.7% increase in the last 24 hours.
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