In the past few months, it seems obvious that Bitcoin has lost its famous volatility. The price has been stuck for some time now, with everyone wondering if it’ll ever go up again. Those predicted drops as low as $12K never happened, baffling the industry’s experts. Last week, we wrote how the light at the end of the long and dark tunnel may be glowing brighter, with a breakout due anytime now.
From the beginning of this week, Bitcoin and Ethereum have had significant gains. The global macro-economic state surely played a part in it, and one analyst believes that the compression cycle which has been going on for months will soon stop. Michael van de Poppe has predicted many crypto things right before, and he believes that $30K is coming next month.
Already on the Way?
The bear market seems to be giving way to bulls, but very slowly. Bitcoin has grown almost 5% in the past 24 hours, and you can double that for Ethereum. It’s seen as a very positive sign among crypto investors and holders, with many experts believing a shake-up is coming. van de Poppe is among those who believe a breakout is due soon, thinking that Bitcoin will ‘probably hit $30,000’ next month.
The BTC/USD market is currently marked by a very distinct lack of volatility. However, many signs are pointing that’s about to change. Bitcoin’s Bollinger Bands are the tightest they’ve been against NASDAQ, which all but guarantees an explosive move. The last time that happened was in April 2021, and it has been consolidating in the past 1.5 years.
Experts say that there should be a strong Bitcoin outperformance very soon. For van de Poppe, the upside potential is very appealing. The BTC/USD ratio is set to go up 35% in a couple of weeks, which might be the big break everyone was counting on.
For that to happen, though, the proposed target rally of $21,000 must happen first. That should come later this week, and may already very well be on the way considering the market’s performance this week. It’s looking good for a last leg up, with demand moving up as well.
Time to HODL
Exchanges are seeing a lot of BTC leave their books, while hodlers will keep their ground and won’t sell at the moment. They will place a key role in the possible bull market that’s coming, maybe as early as next month. While the number of Bitcoin holders is small, their belief is unshaken. Their balance continues to grow too, which shows that they’re all thinking for the long run.
Predictions for Bitcoin’s future put it at about $2 million in 2028, as Larry Lepard thinks. That might be too optimistic, but the $30,000 price may really come next month. And it’s way overdue. Bitcoin’s price has been in the backseat for a while now, and many gave up hope. But, we always say wait for the bulls, and a stampede should come soon.