Bitcoin News

Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023


Bitcoin has recorded an overall positive price movement in the last week, gaining by 2.39%, according to data from CoinMarketCap. The premier cryptocurrency suffered a slight dip between Tuesday and Thursday but soon rose on Friday to trade above $27,000 again. 

Meanwhile, in celebrating the new month of October, popular crypto analyst Michaël van de Poppe has predicted an incoming bullish run for Bitcoin in Q4 2033 based on certain expected events. 

Analyst Projects Bitcoin To Reach $40K In Q4 2023 Starting With A Positive ‘Uptober’

Via a post on X on October 1, Michaël van der Poppe welcomed his 667,000 followers to October with much optimism towards the BTC market, renaming the month as “Uptober.” 

In general, the well-known analyst believes the crypto bear market is almost over, and Bitcoin could soon record some significant gains, as he expressed in a previous post on September 30.

Interestingly, van de Poppe’s optimism extends beyond October to the whole of Q4 2023, as he predicts Bitcoin could attain $40,000 before the year runs out. Albeit, this prediction is hinged on the occurrence of certain events.

Firstly, Michaël van der Poppe mentions the potential approval of ETF applications. The ongoing Bitcoin spot ETF saga in the US has drawn much attention over the last few months due to its possible effects on the BTC market.

Currently, analysts are quite optimistic about the chances of approval of a Bitcoin spot ETF, which could result in massive gains for the largest crypto asset upon realization. 

Realistically, this approval could occur in Q4 2023, as it contains the second deadline date for most applications. 

However, the US Securities and Exchange Commission could decide to delay its responses to these proposals till the final deadlines, most of which are slated for Q1 2024. The US securities regulator is already employing such tactics, as seen with the first deadline dates for most applications.

In the last week, the SEC also announced it would be pushing back its response to certain applications beyond their second deadline date. These applications included proposals from BlackRock, 21Shares, Bitwise, and Valkyrie. 

Source: Bloomberg...

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