Crypto analyst Michaël van de Poppe is bullish on Bitcoin (BTC) amid growing interest from institutional investors.
From Poppe tells are 162,000 YouTube subscribers that Bitcoin could rise up to 15x leading up to the halving and for several months afterward.
“We are most likely going to get a cycle similar to 2015 to 2017, which also had a phase where a large group of people jumped into the markets. And this time it’s the next stream, which is institutional investors, more retail coming in and more governments jumping in. It’s very likely that we will have that in this cycle.
We’re just gradually moving up in terms of adoption, in terms of price growth, so an expectation of Bitcoin doing a 10x, or maybe a 15x, isn’t a strange thing to expect in this cycle. Especially since the market cap of crypto is around $1.2 trillion…”
According to Van de Poppe, crypto assets are likely to mimic the dot-com stock bubble of the late 1990s.
“The dotcom bubble was about $10 to $15 trillion, which also collapsed after that because price and hype always start to accelerate, which inevitably will happen with crypto…
You can assume that this cycle will bring crypto between $10 and $20 trillion and peak from there. And let this slow gradual acceptance take place in slower cycles thereafter.
In the short term, the crypto trader says that if Bitcoin were to undergo a correction, the pivot point would be around $42,000.
“The next goal is to break through these highs [around $40,000] and get it to $50,000 in the next round of pre-halving. That is still a very likely case. It is also still a very likely case that altcoins can continue to push.
But for this run, given that we’re at this point [just above $30,000], it is still up for debate whether we will allow a correction to take place. But I mark $42,000 as the potential end of the run for this current Bitcoin rally.
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Image generated: Midway through the journey