Bitcoin on the Rise: $600K Potential After SEC ETF Approval

A prominent analyst in the cryptocurrency space predicts a bullish trajectory for Bitcoin (BTC) following the recent approval of 11 BTC exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Michaël van de Poppe, a well-known crypto trader is suggesting that BTC could potentially surge to $600,000 during this market cycle.

Range is defined.
$48K has been reached, perhaps we'll go there again with the dealflow on the ETF approval today for #Bitcoin.

Dips at $36-40K are amazing to get.

Perhaps we'll go to $300-600K this cycle. pic.twitter.com/C0SSroiYGa

— Michaël van de Poppe (@CryptoMichNL) January 11, 2024

Van de Poppe notes the significance of the ETF approval, emphasizing the current defined range with BTC having reached $48,000. He speculates the possibility of revisiting this level amid the positive development. The trader views price dips between $36,000 and $40,000 as opportune entry points and contemplates the prospect of Bitcoin reaching $300,000 to $600,000 in the current market cycle.

#Bitcoin approaches crucial levels.

The highs at $48,000 seem likely to be broken or tested, and potentially even $50,000.

Question is; what's next?

Probably consolidation, but the #Bitcoin ETF is a significant event. pic.twitter.com/l1RJ2yLxY7

— Michaël van de Poppe (@CryptoMichNL) January 11, 2024

Anticipating a critical phase for Bitcoin, Van de Poppe acknowledges the likelihood of a consolidation period after potential tests of the $48,000 and even $50,000 levels. He highlights the importance of the Bitcoin ETF as a noteworthy event in the market.

As of the latest update, BTC is valued at $46,255. Considering the potential consolidation for Bitcoin, Van de Poppe suggests a strategic shift for traders towards Ethereum (ETH), a leading smart contract platform.

Having observed Bitcoin meeting the predicted level, Van de Poppe anticipates consolidation, acknowledging the positive impact of the live ETF. He advises a rotation towards Ethereum, emphasizing the unfolding dynamics in the market.

#Bitcoin reached the level I've mentioned for the past months.

I think we'll consolidate. The news is out, the ETF is live, it's great.

Rotation towards Ethereum. pic.twitter.com/zH8CC5oJhf

— Michaël van de Poppe (@CryptoMichNL) January 11, 2024

Examining the ETH/BTC pair, Van de Poppe identifies signs of a rotation trend, particularly with Ethereum and other altcoins. Pointing to a substantial weekly bullish divergence in the ETH/BTC pair, he forecasts a robust rally for Ethereum and altcoins. Comparing the current market situation to January 2016, Van de Poppe expresses optimism about favorable times ahead, projecting Ethereum’s potential rise to $3,500.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.