The cryptocurrency market is experiencing a wave of optimism after prominent analyst Michael van de Poppe predicted the onset of a powerful bullish cycle. Drawing parallels between the current crypto climate and the Dot-com era, van de Poppe highlighted rising liquidity and increasing mainstream adoption as key drivers of the anticipated boom.
On 11th May, van de Poppe took to social media to share his forecast, emphasizing that crypto stands as the only asset class positioned for “explosive growth.” The market’s reaction was swift. As of 10 a.m. that day, Bitcoin (BTC) was trading at US$92,500, marking a 4.2% gain over the previous 24 hours, according to data from CoinGecko. Ethereum (ETH) followed suit, rising 3.8% to reach US$3,400.
Trading activity surged across major exchanges such as Binance and Coinbase. BTC’s 24-hour spot trading volume alone reached US$38 billion, reflecting heightened investor participation and confidence. The broader financial environment also signals a risk-on sentiment, as illustrated by the NASDAQ’s 1.5% gain on 10th May, closing at 18,900.
Institutional interest continues to grow, exemplified by BlackRock’s recent expansion of its Bitcoin holdings. This trend reinforces van de Poppe’s bullish outlook, as institutional investments are often considered a catalyst for sustained rallies. Notably, the iShares Bitcoin Trust (IBIT), managed by BlackRock, recorded US$120 million in inflows on 9th May, according to Bloomberg.
The altcoin sector is also gaining traction. Bitcoin’s market dominance stands at 58.3%, leaving room for altcoins like Solana (SOL) and Cardano (ADA) to potentially outperform if BTC consolidates. SOL saw a 5.1% rise to US$180 by midday on 11th May, with trading volume exceeding US$4.2 billion.
Correlations between the crypto and stock markets are strengthening. Tesla (TSLA) stock climbed 2.3% to US$295 on 10th May, while the S&P 500 gained 1.2% to close at 5,800. Analysts note that this broader appetite for risk is spilling into the crypto space, creating fertile ground for momentum-driven trades and cross-asset strategies.
Technical analysis supports the bullish narrative. Bitcoin’s Relative Strength Index (RSI) reached 68, approaching overbought territory but still allowing room for further upward movement. A bullish MACD crossover was also observed on the morning of 11th May, reinforcing the positive trend.
On-chain data further strengthens the case. Analytics firm Glassnode reported a 15% spike in active Bitcoin addresses, reaching 1.1 million as of 10th May. Ethereum activity has also intensified, with 1.2 million ETH moved on the same day, indicating robust user engagement across the network.
Traders are advised to monitor critical support levels. For Bitcoin, the US$90,000 mark will be a key area to watch, while Ethereum may find support near US$3,300. Any pullbacks to these levels could represent buying opportunities in what many now believe to be the early stages of a significant bullish cycle.
As optimism grows and capital flows in, the coming weeks could be pivotal in shaping the next major move in the cryptocurrency market.
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