Bitcoin (BTC) started the new week calmly following a week of high volatility that captured global attention due to its popularity in the trading world. Despite recent price drops, crypto analyst Michael van de Poppe pumped optimism into the market ahead of the significant upcoming event of Bitcoin’s block reward halving.
Michael van de Poppe, on social media platform X, predicted a new bull run for the crypto world before the 4th Bitcoin block reward halving. He highlighted that dips below $41,000 are key buying opportunities and raised market expectations by predicting Bitcoin could reach $300,000.
Contrasting with Poppe’s optimism, on-chain data indicates a different scenario. DeFiLlama reported that Sui (SUI) surpassed Bitcoin in terms of total value locked (TVL) in the network, signaling a notable decline for the leading cryptocurrency.
Another prominent analyst, Ali Martinez, pointed out that Bitcoin’s Miners Position Index (MPI) reached a critical level of 9.43 on January 12, suggesting miners are moving BTC above typical standards, potentially indicating upcoming sales that could further depress prices and challenge Poppe’s $300,000 forecast. However, Poppe’s reputation in the crypto world still provides a cautious optimism in the market.
Following the SEC’s approval of 11 spot Bitcoin ETFs, Bitcoin had surged to $49,000. The “buy the rumor, sell the news” strategy led to a dramatic drop, with Bitcoin retracting to $41,900 by the end of the past week. At the time of writing, Bitcoin showed a slight recovery, trading at $42,669 with a 0.62% decrease on the daily timeframe.