Four Factors Could Trigger a Crypto Bull Market, Says Analyst
Crypto analyst Michaël van de Poppe believes four key factors could spark a major crypto rally, no matter what the current situation is.
Increased ETF Investments
Multiple Bitcoin and Ethereum spot ETF products are continuously helping to inject huge capital into the Bitcoin and Ethereum markets. This continuous investment inflow in the crypto market is going to have a net positive impact on the trade prices of these flagship crypto assets.
Macroeconomic Shifts
The crypto analyst noted that the prices of top assets like gold and silver are rising while the US dollar is weakening. He observed that these trends are significant indicators that Bitcoin and Ethereum are poised for substantial gains once the market stabilizes.
Support Level Reclaim
Michael Van De Poppe noted that the majority of flagship crypto assets like Ethereum and Solana are sharply maintaining key support levels against Bitcoin. He mentioned that this is a sign the market is very near to stability and ready to gain bullish momentum.
SEC and Ripple Settlement
Furthermore, the popular crypto analyst noted that a favorable resolution in the United States Securities and Exchange Commission (SEC) vs. San Francisco-headquartered fintech firm Ripple lawsuit is also nearing. Ripple is in a better situation, so a court judgment in this case will bring stronger support for other cryptocurrencies similar to XRP. This could further initiate a bullish momentum for the crypto space.
These factors together could drive a sharp increase in the crypto market.
Bitcoin price action
The current trade price of Bitcoin is $56,590, which is 1.3% higher than it was 24 hours ago. Notably, the price surged rapidly during this period, but the market is still far from the $69,000 level, from which it began to crash significantly.
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