Amsterdam-based cryptocurrency trader and analyst, Michaël van der Poppe, recently took to a popular social media platform to convey an important message to the crypto community. In his message, Poppe expressed his belief that the sentiment in the cryptocurrency market is gradually evolving towards a more positive outlook, asserting that the world is beginning to recognize the immense potential of cryptocurrency as the next major trend.
Poppe stated that, in his view, we are currently in the early stages of what he believes will be a substantial bullish cycle in the crypto market. Furthermore, he emphasized that this shift in sentiment and market dynamics will have a profound global impact.
The message, which was shared via a social media post, reads as follows:
Bitfinex Highlights Growing Involvement of Financial Institutions in Crypto
In a seemingly corroborative move, the Bitfinex cryptocurrency exchange recently tweeted about the increasing engagement of financial institutions worldwide in the cryptocurrency space. Concurrently, it was noted that short-term investors are taking profits by selling their crypto holdings.
Impressive Performance of Bitcoin in the Past Week
The flagship cryptocurrency, Bitcoin, has displayed notable performance in the past week. Bitcoin’s value has surged by an impressive 16.43% from $29,773 to the current price of $34,665 since the beginning of the week. This remarkable gain of $4,892 has brought delight to investors and traders alike.
Renowned Pseudonymous Analyst Foresees a Bullish Phase
A well-known pseudonymous analyst, recognized on the same social media platform as PlanB, the creator of the Stock-to-Flow model, has made a notable prediction. According to PlanB, starting from November 1, Bitcoin is poised to enter a period that has historically outperformed the ‘Buy and Hold’ model for Bitcoin. This forecast also takes into consideration the upcoming Bitcoin halving event, anticipated to occur in April-May 2024. During such events, miners’ rewards are halved, leading to a reduction in the number of newly minted Bitcoins entering the crypto market.