A closely followed crypto analyst says that Bitcoin (BTC) is going to have a great second half of the year.
In a new strategy session, crypto trader Michaël van de Poppe tells his 722,400 followers on the social media platform X that the crypto king should finish 2024 with strength as inflows from exchange-traded funds (ETFs) begin to pick up pace.
“Bitcoin aims to continue moving upwards. The highest amount of net inflow from the ETF was established (more than $400 million) in the last month. Gold making a new ATH (all-time high). It’s going to be a great second half of 2024.”
Van de Poppe goes on to say that envisions the top crypto asset by market cap hitting the $100,000 price tag but does not give a specific timeframe.
“The largest amount of net inflow for Bitcoin since the end of June! Despite the negative news, Bitcoin’s price is stable at $65,000 with consistent institutional inflow. It’s only a matter of time before we see Bitcoin at $100,000.”
The analyst goes on to note that while BTC looks poised for a breakout during the second half of 2024, it is still lagging behind gold because of the recent Mt. Gox BTC sell-off.
Van de Poppe says that if it weren’t for the sell-off, BTC would be at an all-time high.
“BlackRock mentioned that Bitcoin is a hedge against global uncertainty. The yields have continued to fall substantially, through which gold has made a new ATH. BTC is lagging behind. Given the lower interest rates, Bitcoin should be at an ATH. Mt. Gox prevented this.”
Bitcoin is trading $65,141 at time of writing, a 1.3% increase during the last 24 hours.
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