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Coming Massive Crypto Bull Cycle Will Have Global Impact: Major Analyst

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Mon, 30/10/2023 - 16:05
Coming Massive Crypto Bull Cycle Will Have Global Impact: Major Analyst
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Amsterdam-based crypto trader and analyst Michael van der Poppe has taken to the X social media app to get an important message across to the crypto community.

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Poppe wrote that he believes the sentiment on the market begins to change "slowly, but surely." The analyst believes that, gradually, the whole world is beginning to get the idea that "crypto is the next big thing."

Currently, Poppe says, "We're at the early stages of a massive bull cycle," and it is also going to have a fundamental, global impact, he reckons.

As if to confirm his thesis, the Bitfinex crypto exchange has just tweeted that financial institutions around the world are becoming more and more involved with cryptocurrency, while short-term investors are selling their crypto to lock in profits.

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Bitcoin price performance recently

Over the past week, the global flagship cryptocurrency, Bitcoin, has been showing encouraging performance. Since last Sunday, BTC has increased by a staggering 16.43%, jumping from $29,773 to the $34,665 level, where Bitcoin is exchanging hands right now.

Thus, in just one week, Bitcoin has managed to add $4,892 to the joy of investors and traders.

As reported earlier, prominent pseudonymous analyst famous on the X social media platform as PlanB, the creator of the Stock-to-Flow model, believes that as of Nov. 1, Bitcoin is starting a period that "historically outperforms the 'Buy and Hold' model for Bitcoin."

This statement also takes into account the upcoming Bitcoin halving, which is expected to happen in April-May 2024. This time, as always happens during such events, miners’ rewards will be cut in half, which will ensure a decrease in the number of "newly minted" Bitcoins injected onto the crypto market.

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