Cryptocurrency analyst and trader Michaël van de Poppe has conveyed a positive outlook for Bitcoin (BTC) as the flagship digital asset’s value surges, buoyed by a double-digit gain over the past seven days. Van de Poppe, speaking to his 693,200 followers on the social media platform X, highlighted the net inflows into spot Bitcoin exchange-traded funds (ETFs) as a bullish catalyst for the market.
“The last three trading days, the net inflow has equaled to $1.5 billion-plus. Every day $500 million-plus has been flowing into the markets through the Spot Bitcoin ETFs. Institutions are interested, Bitcoin is getting mature, this market is going to accelerate,” he noted.
At the time of writing, Bitcoin is trading at $51,510, marking a nearly 20% increase in value over the last seven days. Van de Poppe’s endorsement adds to the growing bullish sentiment surrounding Bitcoin, driven in part by robust institutional interest and market growth.
In light of the much-anticipated “halving” event scheduled for mid-April, the crypto community is eager to assess the market’s response. The halving, which occurs once every four years, marks a change in the rewards miners receive for creating new blocks on the network, effectively halving the new supply of Bitcoin entering the market each day. The forthcoming halving is expected to see miners’ rewards reduced to 3.125 Bitcoin from 6.25 Bitcoin, heightening anticipation for its impact on Bitcoin’s price.
Amidst these developments, skepticism persists regarding technical analysis within cryptocurrency markets. However, the unique nature of crypto markets, characterized by their relative youth, challenges the notion of randomness often associated with efficient markets. Van de Poppe’s bullish stance aligns with broader sentiments in the crypto space, with projections indicating potential growth for Bitcoin. Speculations on Bitcoin reaching $120,000 due to the impending halving have surfaced, although cautious approaches prevail amidst the market’s volatility.
As the crypto market continues to evolve, with increasing institutional interest and market maturity, Bitcoin enthusiasts and investors are closely monitoring the evolving dynamics, anticipating the impact of significant events such as the halving on the digital asset’s trajectory.
