CoinTime News Report:
Renowned market commentator and macroeconomist Michaël van de Poppe holds a bold and optimistic view on the future prospects of Bitcoin. His latest commentary suggests that the leading cryptocurrency may test its all-time high (ATH) within the next two to four weeks. His prediction comes after what he believes to be a minor market correction that may have paved the way for a price rebound.
Specifically, Bitcoin, after failing to reach the $70,000 region earlier this week, is hovering around $65,000. The pullback resulted in a roughly 6% decline in Bitcoin’s price.
Bitcoin to test $73,000 within “two weeks”
With Bitcoin returning to the $67,000 level, van de Poppe believes that the correction phase has come to an end. His optimism is based on the beginning of the macroeconomic season, marked by the release of purchasing managers’ index (PMI) data.
PMI is a key indicator of economic health, and van de Poppe believes that macroeconomic data can support Bitcoin’s recovery. He points out that he expects Bitcoin to make a new attempt at reaching the $73,000 level it reached in March. According to van de Poppe, Bitcoin may approach this level in mid to late November.
The decline happened in the #Bitcoin market.
I assume the correction is done as the macroeconomic season kicks off today with the PMI data.
Expecting to see ATH tests within the upcoming 2-4 weeks. pic.twitter.com/gQBfj9ewqu
— Michaël van de Poppe (@CryptoMichNL) October 24, 2024
This commentary has garnered attention within the community, with many agreeing with his views. One commenter noted that the recent decline cleared weak hands and stated, “With the arrival of the PMI season, it’s time for Bitcoin to prepare for the push towards ATH.”
Other market observers disagree
However, not all market observers share van de Poppe’s optimistic stance. User Mladen Pavla argues that Bitcoin’s bull market depends on a weak US dollar. According to him, without a weak dollar, there may not be a significant rebound.
Echoing similar sentiment, user Hao expresses doubt whether the correction has indeed ended due to macroeconomic factors such as rising yields. He points out that the potential support zone for Bitcoin is between $64,000 and $62,000, while monitoring the US Dollar Index (DXY) in case of a minor pullback.
Meanwhile, commenter Dan John expresses impatience with the current market and notes that market activity has stagnated after the bull market earlier this year. He highlights that altcoins are not exploding in the same way as before and claims that Bitcoin is volatile, with retail interest in cryptocurrencies waning. Nevertheless, he still hopes for a recovery in the bull market and a return of profits.
However, another investor, Kevin, disagrees with Dan’s view on altcoins, suggesting that Dan may hold the wrong altcoins. He emphasizes examples of well-performing projects such as SUI and AERO, even when the broader market remains stable.