Cryptocurrency trader and expert Michaël van de Poppe has projected that $Bitcoin (BTC.CC)$ could potentially hit the $80,000 mark this month, following a possible retest at the $71,679 level.
What Happened: Van de Poppe made his forecast on social media platform X. He anticipates that Bitcoin might undergo a minor correction before climbing over 5% from its current price.
"Bitcoin is consolidating around a new ATH. I do believe we'll continue, but probably have a slight correction first – dips ready to be bought. Next? $80,000 in November," he said in the post.
The trader attributes this potential surge to substantial inflows into Bitcoin exchange-traded funds (ETFs) in the aftermath of the victory of pro-crypto candidate Donald Trump.
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In another post on X he said, "Record-breaking inflow in Bitcoin since Trump won the elections. More than $2 Billion has flown into the Bitcoin ETF. More than $120 million has flown into the Ethereum ETF. The bull market is here."
At the time of reporting, Bitcoin was trading at $75,966, marking an increase of over 11% since its Election Day low of $68,206.
Van de Poppe also expressed long-term bullish sentiments for $ETH/USD (ETHUSD.CC)$, suggesting it will continue to rally higher with retests of lower price levels. Ethereum is currently trading at $2,920, up more than 21% from its Election Day low of $2,403.
Why It Matters: The prediction by van de Poppe is significant as it comes at a time when Bitcoin is experiencing a resurgence following the US presidential election.
The victory of pro-crypto candidate Trump has led to an influx of investments into Bitcoin ETFs, indicating a bullish market. Furthermore, the trader's positive outlook for Ethereum suggests a broader upward trend in the cryptocurrency market.
