Recently, despite Bitcoin Updated all-time high (ATH) Over $70,000, Cryptocurrency analyst Michael van de Poppe believes there is still significant upside potential. Interestingly, he also predicts that this bullish cycle will be unlike any other.
Bitcoin remains undervalued
Michael van de Poppe mentioned in X (formerly Twitter) post Despite reaching the new ATH, Bitcoin remains “significantly undervalued,” he said. He added that its value is “much higher,” pointing out how the flagship cryptocurrency can help hedge against inflation and preserve purchasing power. Cryptocurrency analysts, on the other hand, believe that a “much higher number” exists. this cycle.
Michael van de Poppe is previously suggested During this bull market, Bitcoin rose to $150,000.Other analysts also say: Similar price prediction, there is a consensus that BTC will definitely surpass $100,000. Other crypto analysts, including MacronautBTC, have gone as far as to: Predict Bitcoin could exceed $200,000.
There is a growing belief that this bullish cycle will be the mother of all previous cycles, which could be the reason for such ambitious predictions. Additionally, this cycle includes Spot Bitcoin ETF, something that was not present in past bull runs. These ETFs gave us even more. institutional demands This led to an increase in the overall demand for Bitcoin.
Interestingly, NewsBTC previously report This means that the demand for Bitcoin significantly exceeds the supply of miners. This development occurs when miner rewards are set as follows: cut in half During Bitcoin halving. This could lead to an even larger imbalance between the demand and supply curves, leading to an exponential rise in the price of Bitcoin.
BTC still has plenty of time to hit new highs
There is reason to believe that Bitcoin reaching a new ATH of $70,000 is just the beginning of this bull run. bullish momentum It may last until next year. Crypto analyst Ali Martinez described in ×post Each time Bitcoin fell below its previous ATH, it “consistently took approximately 8 to 11 months to reach market highs.”
Bitcoin is currently at a new all-time high, and the analyst added: historical pattern It suggests that the next BTC market high “will be between November 2024 and February 2025.” However, Alex Thorne, head of research at Galaxy Digital, said: warned “A bull market is not a straight line,” so we should expect sharp corrections along the way.
At the time of writing, Bitcoin is trading around $68,300, up more than 2% in the past 24 hours, according to . data From CoinMarketCap.
BTC price drops $68,400 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
