Michael Van De Poppe: BTC will reach $ 100,000 by the end of November

Michael van de Poppe, a digital asset market analyst, predicts that the bitcoin rate BTC $90,571.33 Bitcoin -0.69% Market capitalization $1.79 trillion VOL. 24 hours $2.11 billion may reach $ 100,000 by the end of November. The expert notes that the key level of support for the cryptocurrency was formed at $ 70,000, and the flagship of the crypto market is showing steady growth.

After the Republican Party gained control of the Senate and the House of Representatives in the United States, regulatory policy is expected to change in favor of the cryptocurrency market, which contributes to the formation of a favorable environment for bitcoin.

Van de Poppe also notes similarities with the 2016−2017 cycle, which saw a large-scale bull market. In addition to bitcoin, ethereum ETH $3,136.04 Bridged Ether (StarkGate) 1.22% Market capitalization $0.26 billion VOL. 24 hours $1.34 billion is also showing a reversal, trying to overcome the resistance level of $ 3,000 to start testing the $ 3,500 mark.

The expert emphasizes that the active support of the new US administration for the crypto market could make next year extremely successful for the industry.

Earlier, De Poppe predicted that the flagship of the crypto market was caught in a «perfect storm,» which could lead to a significant increase in its rate. According to the expert’s preliminary forecasts, by the end of 2024, bitcoin could reach $ 192,000, and in 2025 — even $ 600,000. This rapid growth is due to the weakening labor market in the United States and the growing distrust of traditional financial institutions.