Analyst with an optimistic forecast: "Bitcoin will soar to $85,000"
Crypto expert Michael van de Poppe estimates that Bitcoin is on its way to a 25%–30% breakout in the coming months, despite the sharp price erosion and market volatility.
Bitcoin may be on its way to a new wave of growth. Prominent crypto expert Michael van de Poppe presents a highly bullish forecast, according to which the leading currency will break out within the next two to three months toward a level of $80,000 to $85,000.
Van de Poppe's forecast is based on Bitcoin's behavior around the 50-week moving average. This indicator has previously served as a significant resistance barrier during the initial recovery stages following market downturns. A successful breakout above this resistance level could, according to the analysis, pave the way for a jump of about 25% to 30% from its current price, which is hovering around $65,000.
Alongside the technical analysis, on-chain data indicates support from long-term investors. The flow intensity index for long-term holders (LTH) remains positive and stands at approximately 347,700 Bitcoins accumulated over the last 30 days. The data shows that experienced investors are not rushing to sell, but are continuing to absorb the market supply.
The recent wave of declines in Bitcoin occurred against a backdrop of limited liquidity, a high interest rate environment, and global concerns caused by security tensions and the fighting against Iran, which reduced risk appetite. Naeem Aslam, an analyst at Zaye Capital Markets, noted that these factors eroded Bitcoin's status as "digital gold" during times of inflation.
However, the confidence of institutional entities in the currency remains firm. Adam Back, CEO of Blockstream, recently reiterated his forecast that Bitcoin will reach a price of one million dollars in the long term. According to him, even a modest allocation of 2% of Wall Street investment portfolios to Bitcoin would be enough to fundamentally change the supply and demand balance in the market.
