A widely followed crypto trader is updating his outlook on king crypto Bitcoin (BTC) for the first year of a bull cycle.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 161,000 YouTube subscribers that Bitcoin could soar by 50% from its current value.
“We’ve witnessed a one-year bear market. We’ve witnessed the one-year accumulation. And now we’re getting ourselves into the period of the first year of the bull cycle (which is purple) which means that most likely the high is going to be around $50,000 to $55,000.”
Looking at his chart, the trader believes BTC is repeating a four-year cycle pattern, when there is a bear market period, an accumulation period, a first-year bull market period, and, finally, the second phase of a bull market when a new all-time high is reached.
The trader is also predicting altcoins will start to rally now that Bitcoin’s bear market period is over.
“We’re also going to have a period where the altcoins are starting to wake up substantially before we break the all-time high, which is what I call the bull phase two. So in between we are going to see altcoins doing really well. And we’re starting to see some momentum, which we have been seeing with Chainlink, which we have been seeing somewhat with some other altcoins.
So at this point, the confirmation of the bear market to be over is almost close to 100%, especially with the breakout of $28,000 and holding the 200-week EMA (exponential moving average) for Bitcoin.”
Bitcoin is trading for $36,689 at time of writing.
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