For over 130 days now, Bitcoin has been trading in a rather narrow range of $18,000 to $25,000, with volatility having now dropped to near all-time lows. Now, Michael van de Poppe, the founder and CEO of trading firm, Eight.one, has a issued a bold, short-term prediction for Bitcoin’s price.

He says that in November, Bitcoin “will break out significantly” and has put a BTC price target of $30k… or a 50% bull run in the coming weeks.

But van de Poppe may not be alone in this thinking. George Tung, from Cryptosrus said “From a chart perspective, these indicators are showing that Bitcoin is ready to head higher.”

One such bullish indicator is the difference between hash rate and Bitcoin’s price. From a year ago, Bitcoin’s hash rate is up roughly 90%, meaning much more mining across the network is occurring now; even though Bitcoin’s price is about 66% lower.

Of this phenomenon, Tung said, “The hash rate for bitcoin continues to go higher and higher. This is important as if there is a large deviation between the hash rate and the price, that usually indicates that a major movement is going to come.”

While it would be remarkable if Bitcoin ran to $30,000 in November as van de Poppe suggests, some analysts have an even more bullish longer-term view of BTC.

Lawrence Lepard, the founder of Equity Management Associates believes that within six years, BTC could hit a massive $2 million/coin. Now, he didn’t say this last year when BTC was all the rage. No, he said it on October 16!

On that day’s Quoth the Raven podcast, Lepard said, “I personally believe Bitcoin’s going to go up 100X.”

“I’m not suggesting anyone should take all of their money and dump it into these things, but what I am suggesting very strongly is that anyone who doesn’t have some position in these things is taking more risk than they need to take because of the upside optionality,” he said.

While this year has been rather abysmal for Bitcoin investors, many analysts believe the worst could be over, and a new bull market in Bitcoin is coming.

Read more about van de Poppe’s $30k Bitcoin price prediction for November, HERE

Or see which hedge fund says “crypto winter is over”… the next rally could be a “face-melter,” HERE

 

Source: https://cointelegraph.com/news/analyst-puts-bitcoin-price-at-30k-next-month-with-breakout-due