Renowned analyst Michaël van de Poppe has predicted a bright future for Bitcoin, with the cryptocurrency expected to reach $100,000 soon.
Following a significant inflow of funds into Bitcoin spot ETFs and a rebound from recent price declines, van de Poppe outlines why this milestone is inevitable.
Learn more about his insights and the factors influencing Bitcoin’s performance, including the impact of Mt. Gox-related BTC sales.
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Remarkable Second Half of 2024 Expected
Renowned analyst Michaël van de Poppe, who has over 720,000 followers on X, predicted on July 17, 2024, that the inflow of funds into Bitcoin spot ETFs is accelerating, forecasting a remarkable second half of 2024.
The price of Bitcoin had significantly declined from last month to the beginning of this month.
However, following this decline, the inflow of funds into Bitcoin ETFs has substantially increased, with last month’s net inflow from ETFs recording $423 million.
Reaching $100,000 is a Matter of Time
In his post that day, van de Poppe also shared an image summarizing the net inflows into Bitcoin ETFs, noting that the net inflow has been the largest since the end of June.
Despite concerns within the cryptocurrency industry about the end of the bull market following last month’s sharp decline in Bitcoin’s price, Michaël van de Poppe stated, “It’s only a matter of time before Bitcoin reaches $100,000.”
Delays in BTC Performance Attributed to Mt. Gox?
Michaël van de Poppe pointed out that the reason Bitcoin, often referred to as “digital gold,” is lagging behind gold could be related to the sale of BTC linked to Mt. Gox.
He believes that without the BTC sales related to Mt. Gox, Bitcoin’s price would have already surpassed its previous all-time high.
“Considering the low interest rates, Bitcoin should also be at an all-time high, but Mt. Gox has impeded this,” he remarked.
While van de Poppe did not specify a concrete timeline for Bitcoin reaching $100,000, he mentioned in a post on the 18th that “Bitcoin is likely to reach $110,000 in the next phase.”
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