Bitcoin Price Range and Outlook: Michaël van de Poppe, the Head and Founder of MN Trading, released a video review titled “Bitcoin Reached $48k. What’s Next?” In the video, he discussed how Bitcoin has been trading in the range of $38-48k. Van de Poppe reminded viewers of his previous forecast predicting Bitcoin’s rise to $48k before the ETF launch. He considers this level a strong resistance capable of triggering pullbacks of 20-30%.
ETF Enthusiasm and Market Sentiment: Van de Poppe observed that some expected Bitcoin to reach $100k amid ETF enthusiasm, but this did not materialize. However, sentiments improved when Bitcoin returned to $48k from $38k. He suggests that there’s still a chance to reach $51k, especially with two months left until the halving, and Bitcoin’s strength indicates a potential move above the current level.
Putin’s Interview and its Impact: Van de Poppe shifted focus to Vladimir Putin’s notable interview with Tucker Carlson. He emphasized the importance of understanding Bitcoin’s price movement in the context of this interview. According to Van de Poppe, Putin’s mention of the US debt of $33 trillion underscores the looming threat to the dollar’s stability. He believes that Bitcoin’s prosperity lies in people’s fear for the fate of the dollar.
ETFs and Capital Inflow: Van de Poppe highlighted the significant impact of ETFs, as they prompt major investment funds to shift towards Bitcoin as a reliable hedge against potential US economic bankruptcy. He stressed that Bitcoin’s investment as a shield against US economic bankruptcy is a more important motive than protection against inflation.
Bitcoin’s Existence and Future Prospects: Van de Poppe asserted that Bitcoin’s existence is rooted in its current utility. He predicted a significant bullish cycle in the coming years comparable to the dot-com era, suggesting that Bitcoin could realistically reach half a million dollars per coin. Additionally, he found value in gaining historical insights about Russia from Putin’s interview.