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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin To Rally To $250,000 If This Condition Is Met, Analyst Says

Semilore Faleti
Semilore Faleti
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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The price of Bitcoin has shown no significant movement in the last day rising by only 0.78% according to data from CoinMarketCap. Following a widescale crash in the global financial markets, the crypto market leader pulled off a strong recovery in the past week, gaining by 16% to reach a peak of $62,000. As Bitcoin currently retains a sideways movement, crypto analyst Michaël van de Poppe has revealed a likely condition for the token’s next bullish run. 

Bitcoin Poised For Bullish Breakout If This Price Action Happens, Analyst Says

In an X post on August 10, van de Poppe shared an interesting prediction on Bitcoin’s price trajectory stating that if the digital asset closed its monthly candle around the $60,000 price zone, it could indicate the asset is consolidating for a breakout. According to the crypto veteran, it is likely that such consolidation could finally propel Bitcoin to embark on a bullish run reaching a price target of $250,000, which represents a potential 350% gain on the token’s current price.

 

It's still early in the month, but if the monthly candle of $BTC is going to close around $60K, it seems like it's consolidation before the big bull breakout.

Very likely that we'll be at the start of;
– The big run of Bitcoin to $250K+
– The surge of #Altcoins pic.twitter.com/Tk7wz3lm95

— Michaël van de Poppe (@CryptoMichNL) August 10, 2024

 

Following the Bitcoin halving event in April, investors and market experts remain highly expectant of a bullish price run by the premier cryptocurrency as seen in previous years.  However, Bitcoin has only shown a consistent range-bound movement moving between $55,000 to $70,000 over the last four months. 

Albeit, these price actions draw no cause for alarm as Bitcoin is known to historically commence its bullish run approximately six months after the halving event, which falls close to van de Poppe’s prediction. Interestingly, the current bull cycle is particularly surrounded by high levels of optimism as illustrated by multiple six-figure price predictions by top analysts. This is driven by many factors, most prominently the Bitcoin spot ETFs. 

Interestingly, these Bitcoin ETFs currently valued at $17 billion, may be set for monumental inflow levels after American banking giant Morgan Stanley sanctioned 15,000 advisers to officially offer these funds as portfolio additions. Furthermore, the digital asset industry has recently made an unexpected foray into the US political scene as party and candidate opinions on crypto policy now look pivotal in upcoming elections in November. 

It appears this nascent industry may finally receive sufficient support from the US government in terms of regulations and legitimacy, which can boost the performance of various cryptocurrencies especially Bitcoin over 12 – 18 months. 

BTC Price Overview 

At the time of writing, Bitcoin continues to trade at $60,944 with a 0.44% increase in the last seven days. Meanwhile, the token’s daily trading volume is down by 52.88% and valued at $15.7 billion.

Related Reading: Morgan Stanley Authorizes Advisors To Offer Bitcoin ETF Products, Report

Bitcoin
BTC trading at $61,050 on daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from The Economic Times, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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