Analyst Says Bitcoin Will Rise to $250,000 If This Condition Is Fulfilled

Bitcoin price has not shown any significant changes over the past day, rising only by 0.78% according to data from CoinMarketCap. Following a broad-based crash across global financial markets, the cryptocurrency market leader saw a mighty rebound last week, gaining 16% to reach a peak of $62,000. With Bitcoin currently maintaining a sideways move, cryptocurrency analyst Michaël van de Poppe has revealed the likely conditions for another bull run for the token.

Analyst Says Bitcoin Is Ready for a Bullish Breakout If This Price Action Happens

IN Posts X On August 10, van de Poppe shared an compelling prediction regarding Bitcoin’s price trajectory, stating that if the digital asset closes its monthly candle around the $60,000 price zone, it could indicate that the asset is consolidating for a breakout. According to the crypto veteran, it is likely that such consolidation could eventually push Bitcoin into a bull run, reaching a target price of $250,000, which is a potential gain of 350% over the token’s current price.

It is still the beginning of the month, but if the monthly candle $BTC closes at around $60,000, it looks like consolidation before a substantial breakout in the bull market.

It is very likely that we will be at the beginning of: – a huge escalate in the value of Bitcoin to over $250,000 – a rapid escalate #Altcoins photo: twitter.com/Tk7wz3lm95

— Michaël van de Poppe (@CryptoMichNL) August 10, 2024

Following the Bitcoin halving in April, investors and market experts continue to expect a bull run led by the leading cryptocurrency, as it has in previous years. However, Bitcoin has only shown steady range-bound movement, fluctuating between $55,000 and $70,000 over the past four months.

While this price action is not cause for concern, as Bitcoin is known to historically begin its bull run around six months after a halving event, which is close to van de Poppe’s prediction. Interestingly, the current bull run is particularly surrounded by a high level of optimism, as illustrated by the multiple six-figure price predictions from leading analysts. This is due to a number of factors, most notably Bitcoin spot ETFs.

Interestingly, these Bitcoin ETFs, currently valued at $17 billion, could reach monumental levels of inflows after US banking giant Morgan Stanley approved 15,000 advisors to officially offer these funds as portfolio add-ons. Furthermore, the digital asset industry recently made a surprise foray into the US political scene, as parties and candidates’ opinions on cryptocurrency policy now seem crucial in the upcoming November elections.

It appears that this nascent industry may finally receive enough support from the US government in terms of regulation and legality, which could boost the performance of various cryptocurrencies, especially Bitcoin, within 12 to 18 months.

BTC Price Overview

At the time of writing, Bitcoin is still trading at $60,944, up 0.44% over the past seven days. Meanwhile, the token’s daily trading volume has fallen 52.88% to $15.7 billion.