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Bitcoin is expected to break out at $30K next month; as per expert

In the coming month, Bitcoin (BTC $19,286) will break out dramatically with an upward goal of $30,000, according to expert.

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In the coming month, Bitcoin (BTC $19,286) will break out dramatically with an upward goal of $30,000.

Who's this expert?

Michal van de Poppe, the founder and CEO of the trading company Eight made that most recent forecast. The analyst's price target for November is "roughly $30K." On October 25, Van de Poppe tweeted his support for the analysts predicting a rise in bitcoin price (1). A notable lack of volatility now characterizes BTC/USD, but there are growing indications that the sideways trend will significantly change.

Popular analyst TechDev and others have confirmed that Bitcoin's Bollinger Bands vs. the Nasdaq are the narrowest in history, guaranteeing an explosive surge. Van de Poppe finds upside prospects more appealing than continued bearish behavior, given that BTC/USD (2) is expected to increase by as much as 35% in the upcoming weeks.

According to him, Bitcoin will dramatically break out in the next two to three weeks. He sees the positive side, and his estimate is around $30,000.

What would this breakout indicate?

Such a breakout would surpass the popular analyst Il Capo of Crypto's relief rally objective, which has been set at $21,000 and has been in place for months. However, he allowed that the $21,000 zone might materialize "this week" before Wall Street trade started. The market seems promising for one more leg higher. He tweeted that demand is being driven up, with higher and lower lows on the LTF; the newest old hands fuel the newest Bitcoin bull thesis. Glassnode, an on-chain analytics company, focused on long-term holdings (LTHs) and exchange purchasers while presenting its bull case for Bitcoin.

As revealed earlier this week, exchanges are seeing substantial amounts of BTC leave their books, but hodlers remain determined not to sell. The current issue of Glassnode's weekly newsletter, "The Week On-Chain, " stated that the Bull Case looked at the HODLers of last resort, where the supply flows out of exchanges and into HODLer wallets is at an all-time high. (3) Even if they are few, Bitcoin's ardent supporters' faith in the currency remains unwavering, and their balance keeps increasing during good times.