CandleFocus

Bitcoin is stuck in a tight range. Are we still on track for a bullish breakout next year?

Author: Content Editor
In summary, the MN Consultancy CIO and Founder, Michael Poppe, believes that Bitcoin's price has been stuck in a tight range due to a bearish sentiment in the crypto market. However, he remains optimistic about Q4, stating that it will be a great period for the crypto cycle. Poppe mentions the upcoming event called Uptober from 7 to 11 October, which investors expect to bring upward momentum to the crypto markets. He also expresses skepticism about the current Bitcoin prices and discusses the downward momentum of altcoins, particularly Ethereum. Poppe believes that BTC could cross the $90,000 mark after the current consolidation period based on past examples. He relates the strength of Ethereum to the actions of the Feds, suggesting that global liquidity expansion or Fed rate cuts could help Ethereum recover. Poppe discusses the recent Fed interest rate cuts and speculates on the possibility of more cuts in November. He believes that rate cuts could increase altcoin prices. Lastly, Poppe mentions the upcoming FTX payment to its customers in crypto-native currencies, which he believes could boost the cash inflow into crypto markets.

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