Cryptocurrency analyst names conditions for rapid growth of bitcoin

Popular crypto analyst Michael van de Poppe shared with his 662,000 followers on X (formerly Twitter) his speculation about the rapid growth of the flagship crypto asset.

The expert said that the fall of BTC below $ 29,700 indicates the continued accumulation and consolidation of the main cryptocurrency in the hands of investors. However, the analyst believes that after overcoming this psychologically important level, bitcoin may start another growth cycle.

«Bitcoin's explosive party will begin after the breakout of $ 29,700. Until then, we are still in the consolidation phase. Prevent bitcoin and ethereum from falling, invest all the money you can,» the analyst said.

Recently, Michael van de Poppe said that traders should not expect a new drop in BTC to $ 12,000 before the next bull rally, as the price of bitcoin is already quite attractive. The analyst compared the first cryptocurrency to the real estate market and stated that buying bitcoin will always be justified.

De Poppe also dismisses the possible capitulation of altcoins despite the pessimism of cryptocurrency owners. «Altcoin investors are slowly losing faith in the market because the assets are still not moving. Since May 2021, there has been a downward trend for most altcoins, and the bearish trend has been going on for more than two years,» he said.

Against the backdrop of hacks, bankruptcies, and lawsuits in the crypto industry, De Poppe does not find this surprising. The crypto trader also noted that this is the longest bear market for virtual assets in general.

The main cryptocurrency BTC $97,564.49 Bitcoin -3.88% Market capitalization $1.93 trillion VOL. 24 hours $5.6 billion is currently trading at $ 29,398 with a market capitalization of $ 571.91 billion. Traders made daily trading deals worth $ 11.52 billion. Bitcoin’s market share is 48.8%.