Crypto Analyst Predicts Bitcoin May Reach $80,000 This Month

Cryptocurrency expert Michaël van de Poppe has forecasted that Bitcoin (BTC/USD) could touch the $80,000 milestone this month, following a potential retest of the $71,679 level.

What Happened: Van de Poppe shared his projection on the social media platform X, suggesting that Bitcoin might experience a minor correction before surging over 5% from its current price.

He stated, "Bitcoin is consolidating around a new all-time high (ATH). I believe we will continue to rise, but likely with a slight correction first, presenting opportunities to buy on dips. Up next? $80,000 in November," according to his post.

Market Dynamics: The trader points to significant inflows into Bitcoin exchange-traded funds (ETFs) following the election of pro-crypto candidate Donald Trump. This influx is believed to be contributing to the bullish sentiment surrounding Bitcoin.

In another post, he mentioned, "Record-breaking inflow into Bitcoin since Trump won the elections. Over $2 billion has entered the Bitcoin ETF, along with more than $120 million flowing into the Ethereum ETF. The bull market is upon us."

As of the time of writing, Bitcoin was trading at $75,966, an increase of over 11% from its low of $68,206 on Election Day. This rapid price movement reinforces the optimism surrounding the cryptocurrency.

Van de Poppe also expressed long-term positive views on Ethereum (ETH/USD), predicting continued upward movement with potential retests of lower price levels. Ethereum was trading at $2,920, having risen more than 21% from its Election Day low of $2,403.

Why This Matters: Van de Poppe's forecast carries weight as it coincides with Bitcoin's resurgence following the recent U.S. presidential election. Trump's victory has spurred investment into Bitcoin ETFs, indicating a growing bullish market. The analyst's favorable outlook for Ethereum also suggests that this upward trend may extend beyond Bitcoin, highlighting a potentially favorable period for the overall cryptocurrency market.

Bitcoin, Forecast, ETFs