Despite a recent downturn in the cryptocurrency market, Bitcoin analyst Michaël van de Poppe remains optimistic. He doesn’t believe a major Bitcoin crash is on the horizon, instead viewing the current correction as a normal part of the market cycle. In a recent post on X (formerly Twitter), Van de Poppe pointed out that while Bitcoin’s price has dropped 26% from its all-time highs in March, he sees this as a healthy adjustment. He believes this correction is part of a larger trend that will eventually lead to a significant bull run, potentially lasting until 2026.
Van de Poppe cautions against solely evaluating Bitcoin against the U.S. dollar, citing recent high inflation. He argues that considering other factors like Bitcoin’s historical performance against the S&P 500 reveals a different picture. He emphasizes that, adjusted for inflation, Bitcoin has not yet reached a new all-time high in the current cycle. This observation supports his belief that Bitcoin is currently in a down-trending market, setting the stage for an upcoming bullish period.
This optimistic outlook comes at a time when the cryptocurrency market is experiencing volatility. Bitcoin dipped below $53,000 on Friday following weaker-than-expected jobs data that sparked concerns about a potential economic slowdown. However, the leading cryptocurrency recovered some of its losses overnight on Sunday.
Many market observers are looking to the Federal Reserve’s upcoming FOMC meeting, anticipating interest rate cuts that could boost the cryptocurrency market. Typically, risky assets like cryptocurrencies respond positively to looser monetary policy. However, some analysts remain cautious, forecasting a 15-20% decline in Bitcoin’s price even after a potential rate cut.
At the time of writing, Bitcoin is trading at $55,074.64, up 1.35% in the past 24 hours. Van de Poppe’s bullish outlook provides a counterpoint to the prevailing market sentiment, offering hope for a future upswing in Bitcoin’s price.
