empty
08.04.2024 09:26 PM
Bitcoin: Target for this bull cycle is $300,000

The Bitcoin exchange rate has significantly strengthened after a series of corrections last week. The latest price movement pushed the main cryptocurrency above the critical resistance zone, instilling optimism among investors ahead of the upcoming halving.

Analysts at CryptoQuant emphasize that the rise in the price of Bitcoin above the $72,000 mark is explained by several key factors.

Why is Bitcoin strengthening?

After several weeks of mostly downward movement, Bitcoin rose above $72,000 for the first time since March. When the BTC price reached $65,500 last week, the correction was in its final stages. Support also increased as holders of short-term positions stopped experiencing losses.

Moreover, the issuance of new USDT was accompanied by a noticeable correlation between the market capitalization of the main stablecoin and the price of Bitcoin, reinforcing the bullish trend.

A significant increase in BTC holdings, reaching a record level in reserves, indicates growing interest from long-term investors.

Finally, there is a change in the behavior of long-term investors: their distribution has weakened, indicating greater confidence in Bitcoin's long-term prospects. These factors together herald a positive forecast for the price of Bitcoin.

Cryptocurrency experts are confident in the sustainability of the current growth. Assuming that the support level at $70,800 is maintained, BTC could reach a new all-time high of $85,000.

This image is no longer relevant

More bullish sentiment for Bitcoin?

Crypto experts highlight the strengthening bullish sentiment towards Bitcoin despite relatively narrow trading range this week.

Firstly, there is a significant increase in spot Bitcoin ETFs, with significant surges observed in recent days. Positive news that major players in traditional financial markets, such as Citadel, Goldman Sachs, UBS, and Citi, have joined as authorized participants in Blackrock's ETF further enhances confidence in Bitcoin's legitimacy.

Additionally, large purchases of BTC calls continue, indicating traders' preference for Bitcoin. The reduction in leverage in Bitcoin, reflected in fixed financing of primary investments and a lower forward curve, creates a healthier market environment. Most importantly, the upcoming halving event has further bolstered the optimistic outlook.

Target for this bull cycle is $300,000

In the context of Bitcoin's recovery, Michael van de Poppe, a recognized cryptocurrency analyst and trader, made an intriguing forecast, noting that the main cryptocurrency is likely to reach $300,000 in this bull cycle.

His forecast aligns with the anticipation of the upcoming halving of the Bitcoin mining reward, which is expected in less than 12 days, sparking optimism within the crypto community.

According to the analyst, Bitcoin is still facing serious resistance. Nevertheless, if the coin manages to overcome this zone, it could demonstrate progress towards new all-time highs in the coming months.

Considering that BTC reached $70,000 before the upcoming halving, Poppe suggests that the coin is likely to hit a record high of $300,000 in this bull rally.

In his post, he noted that the price of Bitcoin returned to the $70,000 mark over the weekend. This indicates a bullish trend currently observed in the cryptocurrency market.

The analyst also pointed out that the strength of the cryptocurrency markets has exceeded expectations, and the decline in altcoin prices opens up new entry opportunities. Additionally, the price behavior of BTC demonstrates the potential for reaching new all-time highs before the halving, and a shift in favor of altcoins can be expected soon.

Altcoin season begins in a few weeks

The analyst also expresses optimism regarding the altcoin season. It is important to note that the price of altcoins often correlates with changes in Bitcoin dominance. However, even with Bitcoin dominance remaining high until the halving, Poppe believes that altcoins still have significant potential.

According to the expert, in the upcoming alternative season of cryptocurrency assets, the focus will be on tokenization of real-world assets (RWA), the Ethereum (ETH) ecosystem, and the network of decentralized physical infrastructure (DePIN), which is likely to advance alternative options in this cycle.

At the time of writing, the total market capitalization of altcoins, excluding Bitcoin and Ethereum, was estimated at $753.47 billion, indicating a 2% increase over the past 24 hours.

Ekaterina Kiseleva,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ekaterina Kiseleva
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Litecoin is attempting to test its nearest resistance level, Friday, July 11, 2025.

Litecoin, Friday, July 11, 2025. Litecoin managed to break through and close above its pivot level. Although there is potential for a correction, positive fundamental factors provide an opportunity

Arief Makmur 08:00 2025-07-11 UTC+2

Trading tips for crypto market on July 10 (North American session)

Bitcoin and Ethereum traded higher today during the European session, which indicates that yesterday's purchases were not a one-time event and that buyers are still active in the market. This

Miroslaw Bawulski 16:25 2025-07-10 UTC+2

Crypto market shows extremely low volatility

Bitcoin volatility has dropped to a historic low, while Bitcoin itself is trading within 2% of its all-time high. The lack of willingness to buy at current prices could become

Jakub Novak 13:46 2025-07-09 UTC+2

Crypto market resilient despite dollar volatility

BTC/USD is rising again today after yesterday's dip, overall maintaining its bullish momentum. Fundamentally, conditions continue to support BTC/USD growth in the medium term. The global economic and market landscape

Jurij Tolin 14:14 2025-07-08 UTC+2

Japan's digital bank by Metaplanet

While Bitcoin stubbornly refuses to decline, fueled by massive demand from ETF funds, the Japanese firm Metaplanet is planning to use its Bitcoin reserves to create the first digital bank

Jakub Novak 13:46 2025-07-08 UTC+2

Trading tips for crypto market on July 8

Both Bitcoin and Ethereum remain on a sound footing, poised to continue a bullish trend. As long as BTC continues trading above the $105,000 mark, the odds of further growth

Miroslaw Bawulski 12:16 2025-07-08 UTC+2

Clarity act on digital asset market gains support

Bitcoin and Ethereum have returned to the channels in which they spent most of last week. While Bitcoin has yet to break above the $109,000 mark, the prospects

Jakub Novak 11:00 2025-07-08 UTC+2

Elon Musk's America party advocates for Bitcoin and digital assets

The recently formed political party, America Party led by Elon Musk, will support Bitcoin. This was announced by the Tesla CEO himself on social media. "Fiat is hopeless

Jakub Novak 15:31 2025-07-07 UTC+2

Bitcoin will test its Support.1 after successfully breaking through and closing below the Uptrendline intraday chart, Friday, July 4, 2024.

Bitcoin – Friday, July 4, 2025. With an inflow into the Bitcoin ETF around USD$ 50 billion, it shows strong interest from investors, thus strengthening the legitimacy of this cryptocurrency

Arief Makmur 07:58 2025-07-04 UTC+2

Ripple has the potential to correct and weaken down to the Support level of 2.1924, Friday, July 4, 2025.

Ripple – Friday, July 4, 2025 Friendly regulatory pressure and the case with the SEC that seems to be stopped and open interest in the derivatives market that has jumped

Arief Makmur 07:58 2025-07-04 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.