In October, Bitcoin’s breakout rally sparked eager anticipation for what’s to come.
On crypto exchanges, Bitcoin price (BTC) started the month at $28,000, but is expected to finish well above $34,000 by the end of the month. That’s a cool 21% monthly return on investment at the Oct 1st price.
What’s next for the world’s most popular cryptocurrency?
Bitcoin Price Prediction!!!
A recent analysis by popular cryptocurrency market analyst Michaël van de Poppe puts the BTC spot price in the $45K to $50,000 range sometime before the next halving.
If it’s to reach de Poppe’s predicted price level by April, Bitcoin will have to break through key resistance at $38,000, the technical analyst added in a post on Twitter.
The fourth Bitcoin halving is the latest in a series of four-year events.
In the past, supply and demand has boosted the coin’s price on crypto exchanges due to its historical pattern. April is expected to be the next one.
Even though performance cannot be guaranteed, Bitcoin has historically benefited from the halving.
Here’s another reason de Poppe sees bullish prospects for BTC. He pointed out in August— just weeks before Bitcoin winter thawed— that the bear market was the longest in cryptocurrency’s history.
Altcoin is Next!!!
Between now and April, De Poppe is bullish for altcoins. He points to recent strength in the altcoin markets.
The crypto analyst isn’t wrong, going by the charts. As far as stunning profits go, certain meme coins and DeFi currencies have returned the most out-sized gains during the “Uptober” cryptocurrency rally.
Euro Pacific Capital founder and chief strategist Peter Schiff said he expects the Bitcoin rally to fizzle out. Interestingly, he thinks Bitcoin will take a tumble after an SEC approval for an ETF product materializes.
Digital assets fund ExoAlpha’s chief investment officer, David Lifchitz, noted Monday that the CCI30 index is lagging Bitcoin. The index tracks the top 30 cryptocurrencies by market cap, excluding stablecoins. Lifchitz said a “catch-up rally” may occur in altcoins “while Bitcoin takes a breather.”
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