We are almost at the end of the fourth month of 2022 and Bitcoin is still trading 16% lower than its previous year’s average. Over a couple of past weeks, it seems to have gotten stuck between the $40,000 and $38,000 thresholds. Opinions vary on how the flagship cryptocurrency is going to manage to move along, with some experts foretelling great breakthroughs.
Michaël van de Poppe, one of such experts, took to his social media to delve into why he thinks that Bitcoin is about to skyrocket once again. Just as others before him, he pointed out the current strong correlation between BTC and the US dollar, which with the current state of the world economy has found itself in a pesky turbulent situation.
“[...] in the coming few days, the U.S. dollar is going to top out and then start to correct from there because the event is already priced in. Then we get into a new neutral situation in which risk-on assets will continue to do well,” Poppe says, while also predicting the imminent price movement for BTC:
“I clearly want to see it sustain above $39,000. If that is going to be the case [...] we most likely take out this high and then we can start attacking 43k, which is lining up with the dollar showing weakness.”
While none of these predictions can be taken for granted, it is a wish on everybody’s lips that Bitcoin finally takes up and continues to grow. Or as Poppe says it might be “a scenario where we buy the rumor and sell the news” and push the currency’s higher prizes into existence by sheer pressure.