David Edwards
Renowned cryptocurrency analyst Michaël van de Poppe recently shared a crucial insight into Bitcoin’s trajectory, pinpointing a key level the leading cryptocurrency must sustain to potentially push toward a new all-time high (ATH). Using a chart for visual clarity, van de Poppe, widely followed on Crypto X as “@CryptoMichNL,” emphasized the $70,000 threshold as pivotal for Bitcoin’s upward momentum.
BTC’s $70,000 “Party Time” Threshold
According to van de Poppe’s latest analysis, Bitcoin is consolidating, positioning itself to advance further into new ATH territory. “As long as we stay above $70K, it’s party time,” he posted on X, noting that holding this level could serve as a catalyst for BTC to challenge fresh highs. Projecting optimism, van de Poppe predicted that Bitcoin could reach $80,000 in November, potentially scaling to $90,000-$100,000 by December.
This forecast follows a significant 7% price jump earlier this week, where Bitcoin surged from $68,410 to $73,220 before stabilizing at $72,256, just 1.93% below its latest ATH of $73,750. The recent price uptick has been largely attributed to notable inflows into Bitcoin ETFs and monetary easing policies from key global economies, particularly the United States.
BlackRock’s Bitcoin ETF Breaks Inflow Records
Spot On Chain, a blockchain analytics platform, reported that on October 30, BlackRock’s iShares Bitcoin Trust (IBIT) saw a record-breaking $872 million inflow, marking the highest single-day inflow since the ETF’s January launch. Other Bitcoin ETFs, including those from Fidelity, VanEck, and Grayscale, experienced comparatively modest inflows of $12.6 million, $4.1 million, and $8 million, respectively, while Bitwise’s ETF saw a substantial outflow of $23.9 million.
These developments underscore the increasing institutional interest in Bitcoin as both the U.S. and international markets exhibit conditions favorable to digital assets, setting the stage for what may be a historic market rally.
