Analyst Predicts Bull Cycle After Bitcoin's $70,000 ATH

Bitcoin has again etched its name in the history books, soaring past $70,000 to set a new all-time high.

However, several prominent crypto analysts say this is the beginning of an unprecedented bull run that could shatter all previous records.

Bitcoin’s Bullish Surge: Analysts Eye $200K, ETF Impact, and Halving

Michaël van de Poppe is leading the charge, a well-respected analyst who believes Bitcoin is still “heavily undervalued” despite its recent milestone. In a bold prediction, he stated that the value of the world’s largest cryptocurrency is “way higher,” suggesting that Bitcoin could effectively hedge against inflation and preserve purchasing power.

Historical day with #Bitcoin reaching $70,000 per 1 Bitcoin.

A new all-time high, but yet, still heavily undervalued.

The value is way higher, preserving capital, inflation hedge and keeping your purchasing power alive.

This cycle, I think we'll see way higher numbers.

— Michaël van de Poppe (@CryptoMichNL) March 8, 2024

Van de Poppe is not the only one who is hopeful. Another well-known figure in the crypto world, MacronautBTC, has even suggested that Bitcoin could go over $200,000 this generation. People are setting such high goals because they think this bull run will be the “mother of all cycles” because of the increasing demand from institutions and the launch of spot Bitcoin ETFs.

#Bitcoin rallies to $50,000 and higher, are we going to see $100,000 in the next few months?

The ultimate question is what the price of Bitcoin is going to do in the upcoming period.

The inflow has netted more than $2 billion in a week.

What can we expect with Bitcoin? …

— Michaël van de Poppe (@CryptoMichNL) February 16, 2024

“This cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have,” explained Alex Thorn, Head of Research at Galaxy Digital. “These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin.”

Thorn warned that “bull markets are not straight lines up” and that investors should be ready for sharp corrections.

The upcoming Bitcoin halving, which occurs every four years, could exacerbate the supply-demand imbalance and increase prices. This event will cut miners’ rewards in half.

Based on past trends, analyst Ali Martinez said the next peak in the Bitcoin market “will happen sometime between November 2024 and February 2025.” This gives the bullish movement plenty of time to continue.

Historically, whenever #Bitcoin has shattered its previous all-time highs, it has consistently taken about 8 to 11 months to hit a market top.

With $BTC currently soaring to record highs, historical patterns suggest the next #BTC market top will be sometime between November… pic.twitter.com/IdEEDxb17S

— Ali (@ali_charts) March 8, 2024

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.