Will Bitcoin Continue to $100k in May 2024 After the BTC Halving?

The recent approval of the Spot Bitcoin ETF has led to significant inflows into the cryptocurrency market. This influx of institutional investment has fueled further momentum in the market following Bitcoin’s rise to $53,000. However, crypto analyst Michaël van de Poppe questions whether the market is due for a correction after such a substantial rally.

In a recent video, Michaël explores whether the optimism around ETF inflows will be enough to propel Bitcoin’s price to $100K by May 2024, which is also after the halving event would have taken place. He argues that while the inflows are undoubtedly positive, they are not the sole driver of the market.

As Michaël states: “Just the inflow is not a reason for Bitcoin to go into 100K in two months. It is nonsense.”

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Potential Peak and Market Rotation

Despite the bullish sentiment, Michaël anticipates that Bitcoin may soon reach a temporary peak, followed by a correction and rotation towards Ethereum and altcoins. He speculates that a shift in momentum away from Bitcoin could indicate a temporary top.

Michaël advises traders to recognize these potential peak periods and rotate investments accordingly. He emphasizes the importance of managing portfolios with a low-risk model during bull cycles.

Long-Term Trajectory and Investment Strategies

For long-term investors, Michaël suggests that buying Bitcoin at current levels is still a positive move despite short-term uncertainties.

As Michaël notes: “Every 20 to 30 to 40% correction on Bitcoin is a buy.”

While Bitcoin may not immediately surge to $100K, Michaël believes its value is likely to increase substantially over the next two to three years. He recommends using potential corrections to accumulate more Bitcoin.

Ultimately, despite reservations about the short-term sustainability of the current rally, Michaël maintains a bullish long-term outlook on Bitcoin reaching $100K and beyond. However, he argues this trajectory will be dictated by broader macroeconomic factors beyond just ETF inflows.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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