Crypto analyst Michaël van de Poppe has predicted a significant breakout for Bitcoin (BTC) driven by an imminent ETF application and the upcoming Bitcoin halving event. On Friday, he forecasted that BTC would breach the $28,800 resistance level, sparking a rally toward $32,000 before correcting to $29,000. These movements are expected to precede the pre-halving period commencing in December.
Van de Poppe's predictions suggest that the blend of the imminent ETF application and the pre-halving event will likely cause a dramatic increase in BTC's price. He also mentioned a possible retest around the $27,700 level and highlighted a beneficial BTC consolidation phase for solid support levels.
In addition to his Bitcoin analysis, Van de Poppe identified an upward trend in altcoins such as Chainlink, Solana, and Injective in their final bear market phase. This observation comes despite overall crypto disinterest and Bitcoin's dominance in the market. The analyst predicts that the anticipated BTC halving event will stimulate the altcoin markets, following historical patterns.
However, Ethereum's performance was noted as a concern due to disappointment over the delayed launch of ETH ETF Futures. The delay has underscored weakness in Ethereum amidst an otherwise bullish crypto market forecast.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.