A well-known cryptocurrency analyst has predicted the behavior of bitcoin in the near future

Michael van de Poppe, founder of MN Trading, believes that bitcoin’s market structure remains favorable for further growth. In his opinion, the February dip to $ 60,000 played a positive role: it reset the on-chain indicators, removed excessive market overheating, and laid a stronger foundation for an upward movement.

In the medium term, the analyst admits that the first cryptocurrency can rise to the range of $ 92,000−95,000, even without moving into a bullish market structure. If current conditions persist, the market may enter the formation of a new upward cycle.

According to van de Poppe, the driving force behind the price increase is a combination of two factors: «cleaned up» online figures and steady demand from large investors. It is this tandem, in his opinion, that creates a solid foundation for the upward movement.

However, the analyst warns that the key condition is to maintain current price levels. Even a slight drop can return the market to a deeper correction phase, which the founder of MN Trading considers a very real risk.

Meanwhile, analysts at the online platform CryptoQuant reported that bitcoin’s April rise from $ 66,000 to $ 79,000 was driven mainly by trading in derivatives, such as futures and other bets on the cryptocurrency price, rather than by real spot demand.