If Bitcoin making its way through the erratic waves of the cryptocurrency market, crypto analysts are still optimistic about the asset and predict that BTC will reach unprecedented heights in the long term.
Bitcoin will reach $500,000 in the long term
Bitcoin is currently in the spotlight, just like crypto expert Michael Van De Poppe shared a bold prediction about the future of BTC with the community on the social media platform X (formerly Twitter).
According to Poppe, Bitcoin is currently experiencing “overly bullish sentiment” from market participants within the cryptocurrency space. Therefore, he claims that there is “a probability” that the crypto asset will reach $500,000 in the long term.
Poppe also warned investors of impending serious corrections ahead of the rise. However, he has urged them to view the dip as a “gigantic buying opportunity” to position themselves for future gains.
The message read:
The overly bullish sentiment is great for Bitcoin. In the long term, there is certainly a chance that Bitcoin will reach $500,000. However, corrections will happen and they will be rough. If Bitcoin corrects by 20% or more, use that as a huge buying opportunity. That is it.
The analyst’s prediction has caused quite a stir in the crypto community, with several enthusiasts expressing their belief in the prediction. A pseudonymous X-user declared that he agrees with the projections, while noting that “BTC has the potential to grow in the long term.”
Poppe has that too barn sheds light on its ‘game plan’ for digital assets in the coming period. He pointed out two different aspects of the plan in light of Bitcoin’s corrections.
“Survive a potential Bitcoin correction as Bitcoin is at the end of this run and likely to consolidate,” he stated. Additionally, he has encouraged investors to navigate their investments into the future Ethereum during the retracement period. He added that investors should hold their ETH for about “1 to 2 months and wait in cash until the correction is over.”
BTC is the ultimate safe haven
Michael Van De Poppe is not the only analyst who believes Bitcoin has the potential to reach the $500,000 mark. Max Keizer, a financial journalist, has also predicted that BTC will reach the aforementioned price target.
Keizer appears to be anticipating a significant crash in the stock market, based on a scenario similar to the 1987 crash. Therefore, he believes Bitcoin will be a safe haven during this period, as he expects the token to ‘above $500,000 will rise’.
The expert also noted this BTC ETFs and domestic miners will be confiscated by the US government within this period. Despite this move, however, Keizer was counting on BTC to still see more inflow than gold on the market.
Featured image from iStock, chart from Tradingview.com
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