Bitcoin Price Prediction: Brace for a 6-Week Correction, Followed by a Macro Rebound to ATH

The post Bitcoin Price Prediction: Brace for a 6-Week Correction, Followed by a Macro Rebound to ATH appeared first on Coinpedia Fintech News

The Bitcoin (BTC) performance YTD has outperformed most of the traditional stock indexes and experts believe the trend will continue in the coming years. As a result, hedge fund managers and institutional investors are crafting ways to tap the cryptocurrency market and compensate for past years. While some have been looking to the DeFi market, a significant portion have opted to add Bitcoin to their balance sheet. 

As a result, mainstream adoption of digital assets is expected to take place in the coming few years fueled by clearer regulatory frameworks in different jurisdictions including Europe, the UK, Dubai, the U.S., and Latin American countries, among many others.

Poppe on Bitcoin Performance in Coming Years 

While addressing over 663k X platform followers, Amsterdam-based crypto analyst and influencer, Michaël van de Poppe argued that Bitcoin price is very likely to drop towards $24k level in the next four to six weeks. Notably, the analyst based his argument on the four-year Bitcoin cycle demarcated by the halving event, which is about 250 days from publication time.

The analyst insisted on the importance of Bitcoin cycles that are comparable to each other irrespective of the changing economic outlook and market uncertainties. 

Essentially, the analyst expects the approval of a U.S. Bitcoin ETF to play a crucial role in price action, especially based on the fact that it may coincide with the halving event.

“I’d like to compare the current cycle to 2015/2016 as we’ve got a big group of new participants joining the markets. In that cycle, Bitcoin price was up more than 2x pre-halving. That would mean, Bitcoin to $50-55K pre-halving,” the analyst noted.