CandleFocus Bitcoin bull cycle ‘didn't even start yet’, says analyst
2024-10-28
Author: Content Editor
Bitcoin has been trading sideways since March, struggling to surpass $70,000 and dropping as low as $54,000. The much-anticipated "Uptober" rally has not materialized, but analysts like Michaël van de Poppe believe Bitcoin could still enter another upswing. Van de Poppe sees Bitcoin in an accumulation phase and lacking the momentum of a traditional bull run. Despite the disappointment in October, he remains bullish and advises investors to hold their positions. Van de Poppe points to factors including high interest rates and a strong US dollar diverting liquidity from high-risk assets like crypto. He also notes that while Bitcoin may be reaching new all-time highs in nominal terms, when adjusted for inflation, it is not. Van de Poppe highlights the rise in M2 money supply as a potential driver of liquidity and suggests upcoming macroeconomic events, such as the Federal Reserve's rate policy, could be bullish catalysts. He expects altcoins, particularly Ethereum, to outperform Bitcoin in the long run.
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