Bitcoin on the Rise: $600K Potential After SEC ETF Approval

A prominent analyst in the cryptocurrency space predicts a bullish trajectory for Bitcoin (BTC) following the recent approval of 11 BTC exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Michaël van de Poppe, a well-known crypto trader is suggesting that could potentially surge to $600,000 during this market cycle. Van de Poppe notes the significance of the ETF approval, emphasizing the current defined range with BTC having reached $48,000. He speculates the possibility of revisiting this level amid the positive development. The trader views price dips between $36,000 and $40,000 as opportune entry points and contemplates the prospect of Bitcoin reaching $300,000 to $600,000 in the current market cycle. Anticipating a critical phase for Bitcoin, Van de Poppe acknowledges the likelihood of a consolidation period after potential tests of the $48,000 and even $50,000 levels. He highlights the importance of the Bitcoin ETF as a noteworthy event in the market. As of the latest update, BTC is valued at $46,255. Considering the potential consolidation for Bitcoin, Van de Poppe suggests a strategic shift for traders towards Ethereum ( ), a leading smart contract platform. Having observed Bitcoin meeting the predicted level, Van de Poppe anticipates consolidation, acknowledging the positive impact of the live ETF. He advises a rotation towards Ethereum, emphasizing the unfolding dynamics in the market. Examining the ETH/BTC pair, Van de Poppe identifies signs of a rotation trend, particularly with Ethereum and other altcoins. Pointing to a substantial weekly bullish divergence in the ETH/BTC pair, he forecasts a robust rally for Ethereum and altcoins. Comparing the current market situation to January 2016, Van de Poppe expresses optimism about favorable times ahead, projecting Ethereum’s potential rise to $3,500.