Renowned cryptocurrency analyst Michaël van de Poppe explains why he believes that the current bullish cycle will bring Bitcoin’s price to as high as $ 300,000.
Michaël van de Poppe: the BTC rate can be irrational
In the new video, van de Poppe took up the BTC price analysis again. He explained to his 20,600 subscribers why he believed that the leading cryptocurrency could rise to levels that seem unrealistic to us today.
– What most people expect at this point, i.e. [cena na poziomie] roughly $ 100,000 to $ 200,000 is likely to be broken in the upside given human psychology or market psychology and market cycles. If you look back you’ll see people [, którzy] forecast a bull market in 2015 and 2016, they would never have bet on $ 20,000 for Bitcoin He said.
Van de Poppe points out that markets are irrational as they go through boom and then bear cycles. He gave Apple Stocks (AAPL) as an example. According to the trader, these started to rise after the dot-com bubble with no real correction.
– When something actually starts working [na rynku], you most likely won’t get a chance to make a perfect entry again as FOMO will reach that asset and the price will go up, which we also saw during the recent move on Bitcoin. Bitcoin shot up between $ 10,000 and $ 40,000 with no significant adjustments. Of course there is this [potencjalna] 30 percent the correction that will take place at this point, which could mean we go down to $ 26,000-28,000. Who knows? But that’s still much larger than the $ 20,000 or $ 14,000 area He said.
BTC at $ 300,000
Van de Poppe hypothesizes that if Bitcoin rises as a result of the rising popularity of cryptocurrencies, a reasonable price target is $ 300,000.
– The dot-com bubble was worth between $ 10 trillion and $ 12 trillion. If only for hypothetical reasons you put Bitcoin on its 40-50%, Bitcoin will be high, at $ 200,000. (…) Bitcoin worth USD 300,000 in a few years would not be something weird if you compare it to the “internet hype” and the cycle we had back then – he explained.