Despite Bitcoin recently hitting 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 moves to the upside. Interestingly, he also expects that this bull cycle will be one like no other.
Bitcoin Still Heavily Undervalued
Michaël van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “way higher” and noted how the flagship crypto can help hedge against inflation and keep one’s purchasing power alive. Meanwhile, the crypto analyst believes there will be “way higher numbers” in this cycle.
Michaël van de Poppe had previously hinted at Bitcoin rising to as high as $150,000 in this bull run. Other analysts have also given similar price predictions, with the consensus that BTC will surely rise above $100,000. Other crypto analysts, including MacronautBTC, have even gone as far as predicting that Bitcoin could rise above $200,000.
There is a growing belief that this bull cycle will be the mother of all past cycles, which could be the reason for such ambitious predictions. Moreover, this cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have. These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin.
Interestingly, NewsBTC previously reported that the demand for Bitcoin is significantly exceeding Miners’ supply. This development is coming at a time when miners’ rewards are set to be cut in half during the Bitcoin Halving. This would likely lead to more imbalance between the demand and supply curve, potentially leading to an exponential surge in Bitcoin’s price.
BTC Still Has Enough Time To Hit New Highs
Bitcoin hitting a new ATH of $70,000 is just the beginning of this bull run, as there is reason to believe this bullish momentum could run into next year. Crypto analyst Ali Martinez noted in an X post that Bitcoin has “consistently taken about 8 to 11 months to hit a market top” whenever it has shattered its previous ATH.
With Bitcoin currently hitting new highs, the analyst added that historical patterns suggest that the next BTC market top “will be sometime between November 2024 and February 2025.” However, Alex Thorn, Head of Research at Galaxy Digital, has warned that “bull markets are not straight lines up” and that sharp corrections should be expected along the way.
At the time of writing, Bitcoin is trading at around $68,300, up over 2% in the last 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
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Scott Matherson
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