Crypto experts and analysts have done just that considering their opinion on how Bitcoin could rise in this bull cycle, with some believing the flagship crypto token could rise up to $237,000. Now this crypto expert has made a more ambitious price prediction, raising the possibility of Bitcoin reaching $500,000.
The bullish sentiment shows that Bitcoin can reach $500,000
Crypto analyst Michaël van de Poppe mentioned in an X (formerly Twitter) after that the likelihood of BTC reaching $500,000 in the long term is “absolutely there.” He based this claim on the “overly bullish sentiment,” which he noted is great for Bitcoin.
On the way to $500,000, Michaël van de Poppe noted that “corrections will happen and they will be rough.” However, he believes this should not deter investors but serve as a “gigantic buying opportunity”, especially when BTC corrects 20% or more. This has been the case with MicroStrategy by Michael Saylorthat has continued to buy on Bitcoin dips and is now holding 1% of Bitcoin’s circulating supply.
Interestingly enough, also a pseudonymous crypto analyst (Bitcoin Munger). recently shared their Bitcoin goal of $500,000. Unlike Michaël van de Poppe, who did not provide a specific time frame, this analyst hinted that Bitcoin would reach this price level by mid-2025. Meanwhile, Bitcoin Munger echoed Michaël van de Poppe’s sentiment, stating that there will be many ‘scary drops’ along the way.
Significant price corrections in this bull cycle seem inevitable, and several crypto analysts have continued to emphasize this point. Alex Doornalso head of research at Galaxy Digital named that corrections are expected because the market does not move upwards unhindered, even in a bull market.
The most ambitious BTC price prediction ever
So far, the most ambitious Bitcoin price prediction still belongs to the CEO of Jan3 and Bitcoiner Samson Maai. Mow predicts that BTC could reach $1 million this year. He was referring to the imbalance between the supply and demand of BTCand that is why he believes the flagship crypto token can reach such heights.
Mow believes Bitcoin’s price will “react accordingly” as demand for the crypto token exceeds supply from miners. This offer will be cut in half when the Halving event takes place in April. The aftermath of the event can be a potential scarcity for BTC, which will undoubtedly help drive up the price. However, a $1 million BTC still seems unimaginable.
At the time of writing, Bitcoin is trading around $67,300, up more than 7% in the past 24 hours according to data from CoinMarketCap.
BTC drives another market recovery | Source: BTCUSD on Tradingview.com
Featured image from Newsbit, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
