Bitcoin has recorded an overall positive price movement in the last week, gaining by 2.39%, according to data from CoinMarketCap. The premier cryptocurrency suffered a slight dip between Tuesday and Thursday but soon rose on Friday to trade above $27,000 again.
Meanwhile, in celebrating the new month of October, popular crypto analyst Michaël van de Poppe has predicted an incoming bullish run for Bitcoin in Q4 2033 based on certain expected events.
Analyst Projects Bitcoin To Reach $40K In Q4 2023 Starting With A Positive ‘Uptober’
Via a post on X on October 1, Michaël van der Poppe welcomed his 667,000 followers to October with much optimism towards the BTC market, renaming the month as “Uptober.”
In general, the well-known analyst believes the crypto bear market is almost over, and Bitcoin could soon record some significant gains, as he expressed in a previous post on September 30.
Interestingly, van de Poppe’s optimism extends beyond October to the whole of Q4 2023, as he predicts Bitcoin could attain $40,000 before the year runs out. Albeit, this prediction is hinged on the occurrence of certain events.
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Firstly, Michaël van der Poppe mentions the potential approval of ETF applications. The ongoing Bitcoin spot ETF saga in the US has drawn much attention over the last few months due to its possible effects on the BTC market.
Currently, analysts are quite optimistic about the chances of approval of a Bitcoin spot ETF, which could result in massive gains for the largest crypto asset upon realization.
Realistically, this approval could occur in Q4 2023, as it contains the second deadline date for most applications.
However, the US Securities and Exchange Commission could decide to delay its responses to these proposals till the final deadlines, most of which are slated for Q1 2024. The US securities regulator is already employing such tactics, as seen with the first deadline dates for most applications.
In the last week, the SEC also announced it would be pushing back its response to certain applications beyond their second deadline date. These applications included proposals from BlackRock, 21Shares, Bitwise, and Valkyrie.
Source: Bloomberg Intelligence
The Bitcoin Pre-Halving Rally
In addition to potential ETF approvals, Michaël van de Poppe also mentioned a possible bitcoin pre-halving rally as a factor that could spur the asset growth to $40,000 in Q4 2023.
Historically, the months leading up to the halving event are marked by a Bitcoin rally, as seen in 2012 and 2016.
Based on van de Poppe’s prediction, he foresees a similar BTC price movement in the coming months ahead of the next Bitcoin halving set for April 2024, during which the mining rewards will be slashed from 6.25 BTC to 3.125 BTC.
However, investors should take note of black swan events, as seen with the last Bitcoin halving in 2020. In the months before this halving event occurred, the BTC pre-halving rally was temporarily affected by the negative market effects of the COVID-19 pandemic.
At the time of writing, Bitcoin is trading at $27.138 with a 1.07% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 21.37% and valued at $6.28 billion.
BTC trading at $27,170 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview
Credit: Source link
