Prominent crypto analyst as well as full time crypto trader Michael van de Poppe is bullish on BTC. He said that bitcoin will keep ascending if it's price holds at $9,250 and will go high up to $11,500 due to the following thread reasons.
Recovery Of Bitcoin After Plunging Below $9,000
On June 15 bitcoin dropped below $9,000 but stayed below for very small period and recovers itself to the more stabilised area of $9,440 area. Now the prominent crypto analyst Michael van de Poppe forecasted that Bitcoin will keep its uptrend in the following circumstances.
Bitcoin Needs Break !!
In one of the Twitter post Michael van de Poppe shared a chart with prediction, and said that bitcoin must hold between $9,200 - $9,250. Bitcoin also needs break from the $9,550 - $9,600 region to touch the new highs. Lastly according to him, if bitcoin accelerate to $10,250 - $10,400 may allow Bitcoin to acquire the high price of $11,500.
What's The Scenario Of Global Money Supply ?
Well the world global money supply is 70% up. We can get the idea about ratio of Bitcoin price versus global money supply and the emerging market currency index by the chart tweeted by Daniel Lacalle, chief economist at Tressis.
In December 2017 when the global money supply increased by 70% Bitcoin was at its highest value of $20,000. At this time the total global money supply is almost $85.7 trillion. Due to the recession caused by global pandemic Federal reserves are printing more money which adds to the global money supply and according to the BBC report UK has injected an extra hundred billion pound sterling to help economy in current situation. Majority of the analyst and institutions believe that this increase in global money supply will show positive impact on price of Bitcoin.
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