Popular cryptocurrency analyst Michaël van de Poppe has updated his outlook on Bitcoin BTC/USD ahead of the expected approval of BlackRock Inc.'s BLK spot Bitcoin exchange-traded fund (ETF).
What Happened: According to van de Poppe, Bitcoin has almost entered its first year of bull run, after spending one year in the bear market territory and one year in the accumulation phase.
"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," van de Poppe said in his latest note.
See Also: Bitcoin’s Current Uptick Just The Start, Benzinga Pinpoints 3 Major Catalysts Ahead
Bitcoin has surged over 38% in the last month alone, crossing the $37,000 mark, so the question among investors and traders who have missed out on the rally is whether now is a good time to buy Bitcoin.
Going by van de Poppe's analysis, the Bitcoin rally still has legs — he said that there is still a potential upside of nearly 50% from the existing level of $37,000.
"Most likely, the high is going to be around $50,000 to $55,000," he said.
"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," he explained.
According to van de Poppe's charts, one Bitcoin cycle is spread across four years: one-year bear market, one-year accumulation and a two-year bull run. With the bear and accumulation phases now over, van de Poppe believes there are two years of Bitcoin bull run ahead of us.
"Coming two years are going to be great," van de Poppe said.
Another factor that is playing into the recent strength in the king of crypto is the Bitcoin halving event, anticipated to take place in 2024.
This will halve the rewards for mining new blocks of Bitcoin, reducing the rate at which new Bitcoins are mined. This will, in turn, create scarcity and lead to a price appreciation.
The confluence of spot Bitcoin ETFs, Bitcoin halving event and a perceived undervaluation are all pointing at a potential bull run ahead, even though crypto critics like Peter Schiff are not convinced.
Read Next: Welcome To ‘The Acceleration Phase’: Analyst Predicts An 88% Increase For Bitcoin
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