Bitcoin (BTC) has been making headlines lately, with many analysts predicting significant price increases in the near future. One widely followed crypto analyst, Michaël van de Poppe, is among those who believe that Bitcoin could soar by triple digits before the cycle ends.
In a recent tweet to his 724,700 followers on X, van de Poppe suggested that Bitcoin could increase by up to 890% from its current value. He believes that investors may turn to Bitcoin as a hedge against geopolitical tensions, banking instability, and currency debasement, driving the price of the flagship digital asset to new heights.
“The current valuation of Bitcoin is still super low. I wouldn’t be surprised with $300,000-$600,000 this cycle,” van de Poppe said in his tweet.
At the time of writing, Bitcoin is trading for $60,588, up more than 4% in the last 24 hours. The analyst also pointed out that the TOTAL3 chart is gearing up for a breakout against Bitcoin. The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum (ETH), and stablecoins.
Van de Poppe highlighted a massive weekly bullish divergence on the TOTAL3/BTC chart, indicating that the altcoin market cap valued in Bitcoin is set for a significant price action. He suggested that this bullish divergence could lead to a reversal in the market dynamics, with altcoins outperforming Bitcoin in the coming period.
The analyst’s insights are supported by technical indicators such as the relative strength index (RSI), which shows bullish divergence on the TOTAL3/BTC chart. A bullish divergence typically signals a potential reversal as the price of an asset moves lower or sideways while the indicator shows higher lows.
Overall, van de Poppe’s analysis suggests that Bitcoin could see substantial growth in the near future, with the broader altcoin market potentially outperforming the leading digital asset. As the crypto market continues to evolve, investors are advised to stay informed and monitor price action closely.
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Image Source: Midjourney
(Note: This article has been rewritten based on the original