Despite Bitcoin recently reaching an all-time high of over $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant moves to the upside. He mentioned in a social media post that Bitcoin was still “heavily undervalued” despite hitting a new ATH, indicating that the value is potentially much higher than the current price. He also highlighted how Bitcoin can act as a hedge against inflation and preserve one’s purchasing power.
Van de Poppe has previously hinted at Bitcoin potentially rising to as high as $150,000 in this bull run. Other analysts have also made similar price predictions, with many expecting BTC to surpass $100,000. Some experts, such as MacronautBTC, have gone as far as predicting that Bitcoin could even climb above $200,000. These optimistic forecasts are based on the growing belief that this bull cycle will surpass all previous cycles, thanks in part to the introduction of Spot Bitcoin ETFs.
Institutional Demand
The addition of Spot Bitcoin ETFs has attracted more institutional demand for Bitcoin, contributing to an overall increase in the cryptocurrency’s value. This surge in demand has resulted in a situation where the demand for Bitcoin is outstripping miners’ supply. With miners’ rewards set to decrease during the next Bitcoin Halving, there is the potential for a significant imbalance between supply and demand, which could drive Bitcoin’s price even higher.
Long-term Momentum
Despite hitting a new ATH of $70,000, analysts believe that this bullish momentum is just the beginning of a longer-term cycle. Historically, Bitcoin has taken about 8 to 11 months to reach a market top after surpassing its previous ATH. This suggests that the next market top for Bitcoin could occur sometime between November 2024 and February 2025. However, experts caution that bull markets are not a straight path upwards, and sharp corrections should be expected along the way.
At the time of writing, Bitcoin is trading at around $68,300, showing a 2% increase in the last 24 hours according to data from CoinMarketCap. This current price movement indicates ongoing interest and activity in the cryptocurrency market. However, it is essential for investors to conduct their research before making any investment decisions, as the market carries inherent risks.
While Bitcoin has recently achieved new highs, analysts like Michaël van de Poppe believe that there is still room for significant price increases in the coming months and years. With the introduction of Spot Bitcoin ETFs and growing institutional demand, the cryptocurrency market is experiencing a unique bull cycle that could push Bitcoin to unprecedented price levels. It is crucial for investors to stay informed, conduct thorough research, and be prepared for potential market fluctuations in this evolving landscape.
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