Bitcoin Cycle Bottom Hit: Potential Rally to $110k

IconCryptoNewsTerminal Staff17 Jul, 2024

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Bitcoin Cycle Bottom Hit: Potential Rally to $110k

Michaël van de Poppe, a prominent cryptocurrency analyst, recently posted on Twitter his insights on the current Bitcoin market cycle. According to van de Poppe, Bitcoin's hashrate decline is comparable to the drop experienced during the FTX collapse. The analyst believes that Bitcoin's miner capitulation has marked the cycle bottom, considering the 20% upswing since the Mt. Gox news. Van de Poppe predicts that the next rally could potentially push Bitcoin back to the $110,000 mark. ---