Cryptocurrency analyst predicts rapid growth of bitcoin to $ 45,000

In a recent video on his YouTube channel, crypto analyst Michael van de Poppe said that the flagship asset BTC $58,316.90 Bitcoin -2.03% Market capitalization $1.15 trillion VOL. 24 hours $2.99 billion is «approaching a potential bullish upside after a long bearish trend.» According to the expert’s research, bitcoin is showing strength and may be preparing for an uptrend.

In particular, referring to the previous price movement, the analyst noted that BTC quotes could rise to $ 45,000 before the halving that will take place in the spring of 2024. According to him, the halving of rewards for miners is an extremely important event for the network. According to De Poppe, historically, the cryptocurrency market has always shown bullish trends before and after this event.

Meanwhile, the popular trader also predicted possible bullish growth for altcoins. In his opinion, along with the global cryptocurrency market, the main alternative coins and tokens have already shown positive results after a rapid decline at the beginning of the week.

Earlier, De Poppe said that bitcoin is expected to grow rapidly. «Do what you want, but the bull is on the horizon. We have only four to six weeks to go, and then we will only go up ,» the expert said in late August.

The expert substantiated his calculations by comparing cycles. The analyst found similarities between the current dynamics and the events of 2015−2016 due to the emergence of a large group of new participants. In that cycle, the first cryptocurrency doubled in price compared to pre-halving values. Transferring this ratio to today, De Poppe got a range of $ 50,000 to $ 55,000.