Bitcoin to $30,000! Top Economist Reveals 2 Bull Run Triggers – Buy Now?

After we reported last week that it could take until the second half of 2023 for crypto markets to recover from the FTX crash and further bankruptcies, there are now more optimistic words to hear. A popular crypto expert even dreams that Bitcoin can reach $30,000.

A top analyst cites two scenarios why the Bitcoin price could rise to $30,000.

Photo: Panthermedia.net/zidi

After an extended dry spell, crypto markets have rebounded in the last few days: many altcoins are delighting their investors with double-digit returns, and Bitcoin has also managed to rise to a new monthly high. While it is still too early to reverse the trend, a popular crypto strategist now reveals two catalysts that he believes could spark a Bitcoin rally to $30,000.

Bitcoin Cracks $17k, Altcoins Pump

The crypto markets have not seen such a weekly performance for a long time: several altcoins have gone through the roof, Ethereum competitor Solana (SOL), believed that death, for example, was even able to double its value in a spectacular price explosion. Not to mention the new meme coin Bonk (BONK) – fueled by hype, it could gain more than 2,000% (but had to give up a large part of the profit in the meantime). “Altcoins have been pumping aggressively all weekend,” blockchain researchers at Santiment comment, meaning the markets are once again doing the exact opposite of what the majority of investors expect.

Bitcoin (BTC) is also swinging to new local highs on the back of the bullish momentum – in several phases, buyers pushed the digital asset to a new monthly high: First, Bitcoin took over the resistance at $16,800, then cleared the barrier at $16.9k and pumped to last up to $17,489. The result: growth of +4.7% in the still young year.

Two catalysts for the bull run

That’s not all, because: The key cryptocurrency has been hovering well above $17,000 for days – raising the likelihood of further upward moves in the near term. “Chances for a relief rally have increased recently and I think it looks good,” popular Dutch professional trader Michaël van de Poppe, for example, wrote to his more than 644,000 Twitter followers. In his assessment, Bitcoin is currently optimally positioned for a relief rally that will propel the cryptocurrency toward $30,000 in the coming months.

“The odds of a relief rally have been rising recently and I think it looks good. All should be driven by inflation falling more than expected and the potential pause in increases. That will provide relief from against $30Kish.” Michaël van de Poppe @CryptoMichNL, 1/9/23

Poppe mentions two catalysts for such a run. 1: Inflation falls more than expected and 2: a pause in interest rate increases from the US central bank (Fed). Background to Poppe’s forecast: The FED raised interest rates several times in 2022 as part of its fight against inflation – a process that usually has a negative effect on risky assets like Bitcoin. Conversely, if the US Federal Reserve eases its tight monetary policy, this could trigger a run on risk assets like Bitcoin. Poppe thinks a move to $30k is likely, so expect some relief.

Researchers expect “explosive market movements”

So-called whales, i.e. wealthy Bitcoin investors, are also apparently positioning themselves for a trend reversal in the crypto markets. On-chain data shows: BTC holders with 1,000 to 10,000 BTC have massively increased their holdings – accumulating a whopping 20,000 Bitcoins since January 5th. A total of 4.57 million BTC are now in the wallets of this investor class – that’s about 24% of the current total supply.

Blockchain market research firm Glassnode is also promising a new crypto bull run – in both BTC and Ethereum, the second most valuable cryptocurrency by market cap. Background: According to Glassnode, the “realized volatility” of both assets has fallen to “extremely low levels” – and such periods have always preceded “explosive market moves” in the past. Market movements that have triggered a new bull run. Could the trend reversal in the crypto markets come sooner than expected?

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