Michael van de Poppe predicts bitcoin’s growth to $ 96,000

Major cryptocurrencies rebounded along with the stock market on Sunday, following a sharp sell-off as investors began to anticipate a possible interest rate cut by the Federal Reserve in December. Amid softer statements from Fed officials, the market returned to growth. The total capitalization of cryptocurrencies increased by 1.3% per day, reaching $ 2.95 trillion.

Bitcoin rose by 1.56% to trade at $ 86,716 after a short-term jump above $ 88,000. The trading volume increased by 50% to $ 57 billion, indicating increased investor interest. Ethereum rose 0.14% to $ 2,788, having previously reached an intraday high of $ 2,856. XRP added 3.89% to reach $ 2.04, Solana gained 1.76% to $ 130.77, and Dogecoin rose 2.88% to $ 0.1447.

According to Coinglass, $ 222 million worth of positions were liquidated over the past 24 hours, mostly short, while Bitcoin’s further rise to $ 90,000 could trigger additional liquidations of another $ 292 million. Despite the recovery, the market remains in a state of «extreme fear,» according to the Crypto Fear & Greed index. Among the crypto assets with a market capitalization of more than $ 100 million, Fasttoken (14.52%), Hedera (11.06%), and Decred (9.51%) grew the most.

In the stock markets, Dow Jones futures rose by 117 points (0.25%), S&P 500 by 0.43%, and Nasdaq 100 by 0.63%. According to the CME FedWatch Tool, the probability of a 25 basis point cut in the Fed Funds rate in December has risen to 69% from 44% a week earlier. The market is also waiting for the release of the producer price index for October, which may affect the Fed’s next decisions.

Analyst Ali Martinez noted that Ethereum has remained in a downward channel since 2021 and may find support at $ 2,300, $ 1,500, or $ 1,000, which are the optimal levels to buy before a new growth cycle. Crypto commentator Mikael van de Poppe praised Bitcoin’s «good rebound» and predicts its rise to $ 90,000-$ 96,000 before forming a new base.