Michael van de Poppe, in his recent Bitcoin Why BTC is ready to test new highs by updating its price prediction commented.
Van de Poppe thinks BTC has ended the current correction and tested the lows as expected. Once the correction breaks out, the price might be gathering strength to test the $47,000 and $50,000 range.
Michael van de Poppe believes that the most important reason for the expected price increase is the expected approval of Bitcoin spot ETFs. Many experts, including Bloomberg’s top analysts, expect the SEC regulator to approve Bitcoin ETFs in early January.
#Bitcoin Did test the lows, didn’t take the liquidity beneath the lows.
NEWS CONTINUES BELOWAnyway, correction seems over and pre-ETF we’re likely to test $47-50K.
Buy the dips. pic.twitter.com/Ar4mqvYRjJ
NEWS CONTINUES BELOW— Michaël van de Poppe (@CryptoMichNL) December 19, 2023
As Koinfinans.com reported, the analyst stated in a tweet on December 18 that it would be reasonable to wait for Bitcoin to “test the bottoms” before rising again.
Giant Bitcoin Rally Highlight from Michael van de Poppe: Moreover, He Also Gave the Date!
Poppe believes the main reason Bitcoin is sweeping the lows is “taking profits at the end of the year.” The expert also added that he believes BTC will reverse this week or early next week and start climbing the charts once again.