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Analyst says Bitcoin returning to $100k requires no new narrative: price rises, and the narrative will emerge on its own
ME News Report, May 2nd (UTC+8), Michael van de Poppe, founder of MN Trading Capital, believes that Bitcoin does not need a new narrative to push its price back up to $100k, even though Bitcoin has not reached this price in nearly five months. Van de Poppe pointed out in a recent social media post that price increases do not require a narrative to drive them, but rather the narrative will emerge as the price rises, so mathematics, statistics, and logic are sufficient to guide investments. Meanwhile, although the market generally considers narratives as a key factor in driving prices, many investors are focusing on Federal Reserve rate decisions, US regulatory developments, and capital flows into spot Bitcoin ETFs. Some market participants mentioned the potential passage of the CLARITY Act. Senior trader Peter Brandt stated that the act is a positive step for the industry but not the main driving force. White House crypto advisor Patrick Witt revealed that a major announcement regarding the Trump administration’s Bitcoin reserves is expected to be released within a few weeks. (Source: MLion)