Michaël van de Poppe, a renowned market commentator and macroeconomist, has shared a bold, optimistic outlook for Bitcoin.
His latest commentary suggested that the leading cryptocurrency could test its all-time high (ATH) within the next two to four weeks. His prediction follows a minor market correction that he believes has concluded, potentially paving the way for a price rally.
Notably, Bitcoin hovered around the $65K level on Wednesday after an unsuccessful attempt to reach the $70K region at the start of the week. The pullback resulted in approximately a 6% correction in Bitcoin’s price.
Bitcoin to Test $73K “In Two Weeks”
With Bitcoin returning to the $67K level, van de Poppe believes the correction phase is over. His optimism is based on the start of the macroeconomic season, marked by the release of Purchasing Managers’ Index (PMI) data.
The PMI is a key indicator of economic health and van de Poppe suggests that strong macroeconomic data could support Bitcoin’s recovery.
He noted that he expects Bitcoin to make a fresh attempt at the $73K level, where the asset peaked in March. According to van de Poppe, Bitcoin could approach this level by mid or late November.
There we go.
The dip has happened on #Bitcoin.
I think that the correction is over as today’s macroeconomic season is kicking off with PMI data.
Expecting to see the ATH test in the next 2-4 weeks. pic.twitter.com/gQBfj9ewqu
— Michaël van de Poppe (@CryptoMichNL) October 24, 2024
This commentary has gained traction within the community, with many agreeing with his perspective. One commenter pointed out that the recent dip cleared out weak hands, stating, “With PMI season here, it’s time for Bitcoin to gear up for that ATH push.”
Other Market Observers Disagree
However, not all market watchers share van de Poppe’s optimism. X user Mladen Pavla pointed out that Bitcoin’s bull market depends on a weaker U.S. dollar. Without a weak USD, there may be no significant rally, according to him.
Jay Singh Kang echoed a similar sentiment, expressing doubts that the correction is over due to macroeconomic factors like rising yields. He noted potential support zones for Bitcoin between $64K and $62K while monitoring the Dollar Index (DXY) amid a slight pullback.
Meanwhile, commenter Dan John expressed impatience with the current market, noting that activity has stagnated after an earlier bull run this year. He pointed out that altcoins are not moving as explosively as before, claiming that Bitcoin is ranging, and retail interest in crypto is fading. Despite this, he remains hopeful that the bull run will resume, and gains will return.
However, another investor, Kevin, disagreed with Dan’s view on altcoins, suggesting that perhaps Dan is holding the wrong ones. He highlighted altcoins like SUI and AERO as examples of projects performing well, even as the broader market remains flat.
