Despite Bitcoin recently reaching a new all-time record (ATH) of more than $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for important steps upwards. Interestingly, he also expects this bull cycle to be one like no other.
Bitcoin still heavily undervalued
Michaël van de Poppe mentioned in an X (formerly Twitter) after that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “much higher” and noted how the flagship crypto can help hedge against inflation and keep purchasing power alive. Meanwhile, the crypto analyst believes there will be “much higher numbers.” this cycle.
Michaël van de Poppe does previously hinted with Bitcoin rising to $150,000 during this bull run. Other analysts have also indicated this comparable price predictions, with the consensus that BTC will definitely rise above $100,000. Other crypto analysts, including MacronautBTC, have gone so far to predict that Bitcoin could rise above $200,000.
There is a growing belief that this bull cycle will be the mother of all previous cycles, which could be the reason for such ambitious predictions. Furthermore, this cycle has the Discover Bitcoin ETFs, something the previous bull runs did not have. These ETFs have returned more institutional question for the flagship crypto, which has led to an overall increase in demand for Bitcoin.
Interestingly, NewsBTC previously reported that the demand for Bitcoin significantly exceeds the supply from miners. This development comes at a time when rewards for miners are set to take place cut in half during the Bitcoin halving. This would likely lead to more imbalance between the supply and demand curves, potentially leading to an exponential rise in Bitcoin’s price.
BTC still has plenty of time to reach new highs
Bitcoin hits a new ATH of $70,000 and is just the beginning of this bull run because there is reason to believe it bullish momentum could increase next year. Crypto analyst Ali Martinez noted in a X message that Bitcoin has “consistently taken about 8 to 11 months to reach a market top” whenever it has destroyed its previous ATH.
With Bitcoin currently hitting new highs, the analyst added historical patterns suggest that the next BTC market top will be “sometime between November 2024 and February 2025.” Alex Thorn, head of research at Galaxy Digital, has warned that “bull markets are not straight lines” and that sharp corrections should be expected along the way.
At the time of writing, Bitcoin is trading around $68,300, up more than 2% in the past 24 hours. facts from CoinMarketCap.
BTC price drops $68,400 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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