Bitcoin is still a hot topic. hitting a new all-time high (ATH) More than $70,000 crypto analyst Michaël van de Poppe According to him, there’s still room for further gains. He believes this bull cycle is unlike any other.
Bitcoin still heavily undervalued
Michaël van de Poppe mentioned in an X (formerly Twitter) post Bitcoins are still available “heavily undervalued” despite reaching a new ATH. He said the value is “way higher” The flagship crypto is a great way to protect against inflation and preserve purchasing power. The crypto analyst also believes that there will be “way higher numbers” The following are some examples of how to use this cycle.
Michaël van de Poppe had previously hinted Bitcoin has risen to $150,000 in the bull run. Other analysts also gave similar price predictionsBTC is expected to rise well above $100,000, according to the consensus. MacronautBTC and other crypto analysts even went as far as predicting Bitcoins may rise to $200,000.
It is becoming more common to believe that this bull market cycle will be the mother-of-all previous cycles. This may be the cause of such ambitious predictions. This cycle is also the Spot Bitcoin ETFsThese ETFs are bringing in more money than past bull runs. These ETFs brought in more institutional demand The demand for Bitcoin has increased as a result of the popularity of the crypto’s flagship.
NewsBTC was previously a news source that had been able to provide a variety of information. reported The demand for Bitcoin has outstripped the supply of Bitcoin Miners. This is a development that comes at a moment when the miners’ reward will be cut in half Bitcoin Halving. This would lead to a greater imbalance between demand and supply, which could lead to an exponential rise in Bitcoin’s value.
BTC has still time to hit new highs
There is good reason to believe that Bitcoin reaching a new ATH at $70,000 is the beginning of a bull market. bullish momentum Could run into next year. Crypto analyst Ali Martinez Noted in an X post Bitcoin is a cryptocurrency. “consistently taken about 8 to 11 months to hit a market top” When it has surpassed its previous ATH.
The analyst said that Bitcoin is currently at new highs. historical patterns Please suggest that you consider the following: next BTC Market Top “will be sometime between November 2024 and February 2025.” However, Alex Thorn, Head of Research at Galaxy Digital, has warned You can also find out more about us here. “bull markets are not straight lines up” Along the way, sharp corrections are to be expected.
Bitcoin is currently trading at $68,300. This represents an increase of 2% over the past 24 hours, according to data CoinMarketCap.
BTC price drops $68,400 | Source: BTCUSD on Tradingview.com
Featured image is from CNBC. Chart from Tradingview.com
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