Bitcoin on Track to Hit $90K: Will Altcoins Ride the Wave?
Bitcoin has spent over 200 days stuck in a narrow price range, a sign that we might be on the verge of a breakout. According to analyst Michael Van De Poppe, Bitcoin could soon skyrocket to $90,000, citing similar patterns seen in past cycles. In 2020, Bitcoin traded between $8,000 and $12,000 for several months before launching into a bull run. Now, despite showing signs of a potential downtrend, recent movements hint at a reversal, with Bitcoin forming higher highs and higher lows.
Altcoins Still Struggling
While Bitcoin is gearing up for a potential breakout, the altcoin market hasn't kept up. Altcoins are still far from their all-time highs, with the total market cap of altcoins hovering around 50% below its peak. However, Van De Poppe noted that if the altcoin market cap breaks the $660 billion barrier, it could trigger a strong rally for these smaller coins.
Liquidity and the Bull Cycle
The analyst also pointed out that traditional four-year cycles may not be as significant this time due to the role of liquidity in the market. Increased liquidity, particularly from the U.S. dollar, could lead to explosive gains for Bitcoin. With many pointing to a potential peak towards the end of 2024, this cycle could mirror past ones, but with an even higher ceiling. Van De Poppe believes we could see Bitcoin hit $300,000 to $400,000 by 2026, provided market liquidity remains high.
Key Insights:
Bitcoin could hit $90,000 within weeks based on historical price trends.
If altcoin market cap breaks $660 billion, a major rally could follow.
Liquidity could play a bigger role than usual, altering the four-year cycle pattern.
A peak price of $300,000 to $400,000 for Bitcoin is possible by 2026.
Disclaimer: This post is for educational purposes only and not financial advice. Cryptocurrency investments are volatile and involve risk. Always do thorough research before making any investment decisions.
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