Trading Firm’s CEO Sees Bitcoin (BTC) At $30K In Two-Three weeks

  • Bitcoin (BTC) price action remains sluggish but crypto analyst and founder and CEO of trading firm Eight, Michaël van de Poppe believes that BTC will break $30K in 2-3 weeks.
  • Also a new study from Bank of America analysts suggests that the growing correlation of Bitcoin price action with the gold, S&P 500 and Nasdaq 100 indicates that investors are considering BTC as a “relative safe haven.”
  • The study also pointed out that there has been a rapid surge in the number of crypto wallets that are transferring their BTC tokens from exchanges to private ledgers.

The world’s oldest and biggest cryptocurrency, Bitcoin (BTC), has been holding above $19,000 for quite some time, and investors have yet to see the coin break out of its bearish position in the crypto space. Interestingly, the last time we saw BTC above the $25,000 price level was in August, and since then, the token has failed multiple attempts to breach the $22,000 price zone.

According to a popular crypto analyst Michaël van de Poppe who is also the founder and CEO of trading firm Eight, the leading cryptocurrency is expected to breach the $30,000 price zone very soon! While currently there are not many bullish signs showing this happening, Van de Poppe, along with a number of other analysts claim that a bullish rally is bound to happen.

This prediction comes at a time when the crypto market has crashed significantly and Bitcoin mining firms are dying out. One of the major crypto mining firms, Compute North, recently filed for Chapter 11 bankruptcy and it seems that many other crypto-related firms are shutting down their shops to due a continuous decline in the price of BTC.

According to Bitnation’s Bitcoin price prediction, the leading cryptocurrency is expected to reach a maximum price of $34,683.92, a minimum price of $23,122.62, and an average price of $28,903.27 by the end of this year.

In a Twitter post earlier today, Van De Poppe stated that within two-three weeks, BTC will break through the current monotonous price action and move higher. “My take is the upside….My guess is probably $30K,” Van De Poppe said in his Twitter post.

Meanwhile there has been a new study which suggests that the growing correlation of Bitcoin price action with the gold, S&P 500 and Nasdaq 100 indicates that investors are considering BTC as a “relative safe haven.”

According to digital strategists at the Bank of America, there has been a significant growth in the correlation of BTC price movement with Gold (XAU) which suggests that investors are now growing confident in the world’s biggest cryptocurrency despite the ongoing economic downturn where veteran investors like Charlie Munger and Warren Buffett expect the world’s leading digital asset to fail miserably.

The noted from Bank of America (BofA) noted that the correlation between Bitcoin and both SPX and QQQ reached all-time highs on Sept. 13 which confirms that investors still have faith in the crypto asset. Moreover, the BofA also noted that investors are tranferring their holdings from digital asset exchanges to crypto wallets and private ledgers which indicates that they are planning to HODL long term.

“A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU indicate that investors may view Bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen,”

said the BofA note.
Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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