• Michael van de Poppe predicts BTC could hit $40,000 by April 5th 2023.
• The US Dollar Currency Index is expected to have a strong adjustment in the coming weeks.
• Bitcoin’s current market valuation is projected to be $551 billion.
Michael Van de Poppe’s Prediction for Bitcoin
Well-known crypto trader Michael van de Poppe noticed that the critical price level for bitcoin (BTC) at $27,900 remained intact, prompting the price to skyrocket to $28,700 overnight. The investor continued the tweet by stating that the current level of consolidation makes it very probable that the bitcoin price will continue to increase over the next few days to reach $30,000. He then went on to do further research and established an upside objective for Bitcoin between $40,000 and $45,000.
USD Currency Index Adjustment
Van de Poppe’s analysis assumes that the Dollar Currency Index will encounter a strong adjustment in the coming weeks which is expected to be bullish for higher-risk assets such as cryptocurrencies and BTC. He believes this will occur in a few months as we get closer to when interest rates are raised.
Bitcoin Market Valuation
The recent gain has also taken bitcoin’s weekly price performance up to a new all-time high resulting in its entire market valuation now projected at $551 billion.
Possible Corrections Ahead
Van de Poppe believes there will be a period of a few months during which bitcoin will rise followed by a period during which bitcoin will experience a correction before continuing its rally again. This window of opportunity only exists until when the Federal Reserve performs their pivot with their monetary policy according to him.
It appears that Van de Poppe expects Bitcoin prices could hit around $40K by April 5th 2023 based on his research into USD currency index adjustments and ongoing market fluctuations with BTC’s value rising each week up until then before experiencing corrections thereafter due changes in Federal Reserve monetary policies