Expert believes Bitcoin may follow ‘big bull run’
Experienced crypto traders noted that Bitcoin might be preparing for the next cycle to follow the bull moment.
At the time of writing this article, the price of Bitcoin is $43,035, which is 31% lower over 90 days. In the last 20 days, Bitcoin faced multiple small and big corrections and that resulted in the plunge in the Bitcoin fear and greed index lowest from June 2021. Few experts even predicted that Bitcoin may hit $18,000.
Michaël van de Poppe, the popular bitcoin trader, predicted at the beginning of 2021 and claimed that Bitcoin is ready for a bull cycle. And also happened the same, where NFTs & Defi industry grabbed a huge volume of users from non-crypto to crypto sector.
“We’ve seen platforms accelerating, we’ve seen the rise of NFTs, and we’ve seen the ecosystem grow even more, which means that the adoption is growing heavily too and that is something that goes exponential. So the actual big gains or most of the gains are made at the last part of the cycle.”
In the present situation of Bitcoin, Poppe noted that Bitcoin is following the traditional fundamental dot-com bubble. This trader noticed that people are more inclined to bitcoin and other defi crypto projects like high yield returns and also the transfer of funds from one country to another country.
Secondly, Poppe noted that many financial services and institutions are creating their financial instruments to show their influence in this crypto market to complete the demand of the public, which are looking at crypto assets as the best hedge against inflation.
“The fact that institutions are creating financial instruments to actually bring itself into the markets and then we still overall have that inflation discussion topic in which crypto is one of the best assets to jump into,” he said.
Poppe also said that Bitcoin is still in the interesting part of its current phase cycle and every end of every phase of Bitcoin remains highly profitable.
” Indications of the MVRV feed ratio show that we are currently just acting at the lower bounds instead of at the higher bounds so this is another conclusion or confirmation that we are getting at the interesting zones.”
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