Bitcoin Analyst Predicts Further Upside
Despite Bitcoin recently reaching a new all-time high (ATH) of over $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant upward movement. He also expects this bull cycle to be unique compared to previous ones.
Bitcoin Still Considered Undervalued
In a recent post on X (formerly Twitter), Michaël van de Poppe stated that Bitcoin is still “heavily undervalued” despite its ATH. He believes that the value of Bitcoin is even higher and highlights its ability to hedge against inflation and preserve purchasing power. The analyst predicts that there will be even higher numbers in this market cycle.
Michaël van de Poppe had previously suggested that Bitcoin could rise as high as $150,000 during this bull run. Other analysts share similar price predictions, with the consensus that BTC will surpass $100,000. Some even go as far as predicting that Bitcoin could reach $200,000.
The Mother of All Bull Cycles
There is a growing belief that this bull cycle will be unprecedented and surpass all previous cycles. This sentiment may explain the ambitious price predictions. Additionally, this cycle has the introduction of Spot Bitcoin ETFs, which were not present during past bull runs. The availability of these ETFs has increased institutional demand for Bitcoin, leading to an overall surge in demand for the cryptocurrency.
Interestingly, there is currently a significant imbalance between the demand for Bitcoin and miners’ supply. This situation arises as miners’ rewards are set to be halved during the Bitcoin Halving event. The resulting scarcity of supply could potentially drive an exponential increase in Bitcoin’s price.
Bitcoin Has Time for New Highs
The recent ATH of $70,000 for Bitcoin is just the beginning of this bull run. There are indications that this bullish momentum could continue into next year. Crypto analyst Ali Martinez points out that whenever Bitcoin surpasses its previous ATH, it typically takes about 8 to 11 months to reach a market top.
Based on historical patterns, Martinez suggests that the next market top for Bitcoin will likely occur between November 2024 and February 2025. However, Alex Thorn, Head of Research at Galaxy Digital, warns that bull markets do not progress in a straight line and expects sharp corrections along the way.
At the time of writing, Bitcoin is trading at around $68,300, showing a more than 2% increase in the last 24 hours according to data from CoinMarketCap.
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