There’s every reason to be bullish on BTC on shorter timeframes as months of volatility compression look set to stop.
Bitcoin (BTC) “will break out significantly” in the next month, with an upside target of $30,000.
That was the latest prediction from Michaël van de Poppe, founder and CEO of trading firm Eight.
Analyst on November price target: “My guess is probably $30K”
In a tweet on Oct. 25, Van de Poppe joined a growing number of analysts delivering bullish BTC price forecasts.
BTC/USD is currently marked by a distinct lack of volatility, but signs are flowing in that the sideways trend is due a major shake-up.
Bitcoin’s Bollinger Bands versus the Nasdaq are the tightest in history, popular analyst TechDev and others confirmed in recent days, this all but guaranteeing an explosive move to come.
“Price vs. NASDAQ peaked at BTC’s last impulse top in April 2021 and has been consolidating during the 1.5 year correction,” he wrote as part of commentary.
“Expect upside break and strong Bitcoin outperformance soon.”
For Van de Poppe, upside potential is a more attractive bet than further bearish behavior, with BTC/USD set to add as much as 35% in the coming weeks.
“Within 2-3 weeks, Bitcoin will break out significantly. My take is the upside,” he stated.
“My guess is probably $30K.”
Such a breakout would surpass the relief rally target from popular pundit Il Capo of Crypto, this being in place for months and set at $21,000.
Prior to Wall Street trading beginning, however, he acknowledged that the $21,000 zone may appear “this week.”
“Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up,” he tweeted.
Old hands fuel latest Bitcoin bull case
Setting out its own bull case for Bitcoin, meanwhile, on-chain analytics firm Glassnode placed the focus on long-term holders (LTHs) and exchange buyers.
Related: Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this week
Exchanges are seeing significant amounts of BTC leave their books, while hodlers are intent on not selling, it explained this week — as reported by Cointelegraph.
“The Bull Case takes a view on the HODLers of last resort, whereby the supply flows out of exchanges, and into HODLer wallets is at an all-time-high,” the latest edition of Glassnode’s weekly newsletter, “The Week On-Chain,” summarized.
“Despite being small in relative number, the conviction of Bitcoins die-hard believers is unshaken, and their balance continues to grow, through thick and thin.”
Longer-term perspectives on Bitcoin have remained lofty, with a $2 million prediction by 2028 coming in this month.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.