Michaël van de Poppe: Bitcoin rate may reach $100,000 by the end of November

Michaël van de Poppe Predicts Bitcoin's Path to $100,000 by November

Bitcoin's Strong Momentum and Key Support Levels

Renowned crypto analyst Michaël van de Poppe has expressed confidence in Bitcoin's current bullish trend, predicting that the cryptocurrency could reach $100,000 by the end of November. Van de Poppe identified a critical support level at $70,000, underscoring Bitcoin's ability to maintain stability and build momentum for further gains. According to him, the current cycle mirrors the bullish phase seen during 2016-2017, suggesting that the upcoming rally could potentially outpace past market peaks.

Van de Poppe attributed part of Bitcoin's positive trajectory to recent political changes in the United States. With the Republican Party taking control of both the Senate and the House of Representatives, he foresees a shift in regulatory attitudes that could favor the crypto sector. These anticipated regulatory adjustments could provide a supportive backdrop for continued growth in the digital asset space.

Ethereum, the second-largest cryptocurrency by market capitalization, is also displaying signs of upward movement. Van de Poppe noted that for Ether to begin testing the $3,500 level, it must first surpass its $3,000 resistance point. Beyond Bitcoin and Ether, decentralized finance (DeFi) projects have shown robust activity. Uniswap, for instance, recorded a significant 30% gain in a single day, while Compound's value surged past $160, marking a 20% increase.

The analyst emphasized that tangible support from the new U.S. administration could mark a turning point for the crypto market. If regulatory measures move from rhetoric to actionable support, the coming year may see significant expansion and confidence in the sector. Van de Poppe's observations point to a broader rally not just for Bitcoin but for the entire crypto ecosystem, contingent on supportive policy shifts and market stability.

While political developments play a role in shaping sentiment, van de Poppe previously highlighted that market participants often overemphasize the influence of political promises. He argued that U.S. labor market statistics and other macroeconomic indicators have a more substantial impact on crypto market trends. Understanding these drivers can help investors make more informed decisions as the crypto market approaches pivotal price milestones.