According to U.Today, cryptocurrency analyst and trader Michael van de Poppe recently shared his insights on Bitcoin‘s current situation and future price movements. Van de Poppe, known on Crypto X as @CryptoMichNL, emphasized that Bitcoin is consolidating before continuing its rise toward new all-time highs. He identified $70,000 as the critical level for Bitcoin to maintain in order to achieve this upward trajectory. In his tweet, he stated, ‘As long as we stay above $70K, it’s party time.’
Earlier this week, Van de Poppe predicted that Bitcoin could reach $80,000 in November and potentially jump to $90,000-$100,000 in December. This week, Bitcoin experienced a significant price increase of 7%, rising from $68,410 to $73,220 between Monday and Tuesday. Since then, Bitcoin has seen a minor loss of 1.3% and is currently trading at $72,256 per coin. The latest all-time high for Bitcoin was recorded on March 14 at $73,750, and it is now just 1.93% below that level.
Analysts attribute the recent price surge to record-breaking Bitcoin ETF inflows and monetary loosening measures in the U.S. and other major economies. On October 30, the @spotonchain analytics account on X reported significant inflows into spot Bitcoin ETFs, with BlackRock’s IBIT receiving a massive $872 million in a single day. This marks one of the largest inflows for the fund since its launch in January this year. Other ETFs saw smaller inflows, with Fidelity reporting $12.6 million, VanEck $4.1 million, and Grayscale Mini Trust $8 million. Invesco and Valkyrie had inflows of $7.2 million and $6.1 million, respectively, while Bitwise ETF faced a substantial outflow of $23.9 million.
