The recent surge in Bitcoin’s price, with the cryptocurrency hitting a new all-time high of over $70,000, has caught the attention of many crypto analysts. One such analyst, Michaël van de Poppe, believes that despite this milestone, there is still significant room for more upside. In a recent post on X (formerly Twitter), he mentioned that Bitcoin is “heavily undervalued” and that its value is “way higher” than the current price. Van de Poppe also noted how Bitcoin can serve as a hedge against inflation and help maintain purchasing power.
Van de Poppe is not alone in his bullish outlook on Bitcoin. He has previously hinted at Bitcoin reaching as high as $150,000 during this bull run. Other analysts have also made similar price predictions, with some even suggesting that Bitcoin could surpass $200,000. The consensus among these analysts is that this bull cycle will be unprecedented, with potentially much higher price levels than in previous cycles.
One factor contributing to the bullish sentiment around Bitcoin is the introduction of Spot Bitcoin ETFs. These ETFs have increased institutional demand for Bitcoin, leading to an overall spike in interest and investment in the cryptocurrency. This surge in demand comes at a time when the supply of Bitcoin from miners is struggling to keep up, as highlighted by NewsBTC in a recent report.
Despite Bitcoin reaching a new all-time high, many believe that this is just the beginning of the bull run. Analyst Ali Martinez pointed out that historically, Bitcoin tends to take 8 to 11 months to reach a market top after breaking its previous all-time high. This pattern suggests that the next market peak for Bitcoin could be sometime between November 2024 and February 2025.
While the outlook for Bitcoin remains positive, it’s important to note that bull markets are not without their setbacks. Alex Thorn, Head of Research at Galaxy Digital, has warned that sharp corrections should be expected along the way. As of the time of writing, Bitcoin is trading at around $68,300, up over 2% in the last 24 hours.
The recent surge in Bitcoin’s price has sparked optimism among crypto analysts, with many predicting further upside in the coming months and years. The introduction of Spot Bitcoin ETFs and the imbalance between demand and supply for Bitcoin are key factors driving this bullish sentiment. However, investors should be aware of the risks involved in investing in cryptocurrencies and conduct their own research before making any decisions.