Analysts predict that Bitcoin will reach $30K next month and then break out.

Given that months of volatility compression appear to be coming to an end, there are several reasons to be positive about BTC in shorter time frames.

With an upward aim of $30,000, Bitcoin ($19,297) “will break out dramatically” in the upcoming month.

Michal van de Poppe, the founder and CEO of the trading company Eight, made that most recent forecast.

The analyst’s price target for November is “roughly $30K.”

On October 25, Van de Poppe tweeted his support for the analysts who are predicting a rise in the price of bitcoin.

BTC/USD is now characterized by a notable lack of volatility, but there are growing indications that the sideways trend is about to undergo a significant change.

Popular analyst TechDev and others have confirmed that Bitcoin’s Bollinger Bands vs the Nasdaq are the narrowest in history, which all but guarantees an explosive surge to come.

In a statement, he stated that “Price vs. NASDAQ peaked at BTC’s previous impulsive top in April 2021 and has been stabilizing over the 1.5 year downturn.”

Expect a break to the upside and significant Bitcoin outperformance soon.

Van de Poppe finds upside prospects more appealing than continued bearish behavior given that BTC/USD is expected to increase by as much as 35% in the upcoming weeks.

“Bitcoin will dramatically break out in the next two to three weeks. My interpretation is positive,” he said.

“I’m going to guess around $30K.”

Such a breakout would surpass the popular analyst Il Capo of Crypto’s relief rally objective, which has been set at $21,000 and has been in place for months.

However, he allowed that the $21,000 zone may materialize “this week” before Wall Street trade started.

“Market seems promising for one more leg higher. Demand is being driven up and there are greater highs and lower lows on the LTF, he tweeted.

Newest Bitcoin bull thesis is fueled by old hands.

Glassnode, an on-chain analytics company, focused on long-term holdings (LTHs) and exchange purchasers while presenting its own bull case for Bitcoin.

This week, it was disclosed that exchanges are seeing substantial sums of BTC leave their books while hodlers remain determined not to sell.

The most recent issue of Glassnode’s weekly newsletter, “The Week On-Chain,” highlighted that “The Bull Case takes a look on the HODLers of last resort, wherein the supply flows out of exchanges, and into HODLer wallets, is at an all-time high.”

“Despite being few in number, Bitcoin’s ardent supporters’ faith is unwavering, and their balance has grown throughout thick and thin.”

The $2 million projection by 2028 is the latest in a long line of ambitious predictions for Bitcoin.