The bull market for Bitcoin BTC/USD is far from over, according to crypto analyst Michaël van de Poppe.
What Happened: Despite the recent correction of the cryptocurrency to the $80,000 range, van de Poppe foresees a significant rally for Bitcoin.
Van de Poppe anticipates that Bitcoin could reach up to $250,000 in this cycle. This prediction indicates a 195% increase from its current value.
“I don’t think that the cycle is over. I think it barely started, even the hype on Bitcoin wasn’t anywhere near euphoria. I do believe that we’ll see Bitcoin above $200,000-$250,000 this cycle,” the trader said on X.
The crypto analyst pointed out that Bitcoin underwent several severe corrections during the 2017 bull cycle before rallying to new all-time highs. “Bitcoin is currently down 25% since the all-time high. That’s a normal correction, nothing strange, nothing to worry,” he mentioned.
Van de Poppe also hinted that the crypto markets could perform strongly in the upcoming month if Bitcoin manages to regain $89,000 on the weekly chart as support.
At the time of writing, Bitcoin was trading at $84,710, with no significant change on the day.
Why It Matters
Van de Poppe’s prediction comes at a time when the crypto market is experiencing significant volatility. His forecast of a 195% surge for Bitcoin could potentially signal a bullish trend for the cryptocurrency, despite the recent correction.
The analyst’s reference to the 2017 bull cycle suggests that such corrections are not unusual and do not necessarily indicate an end to the bull market.
If Bitcoin can regain its position on the weekly chart, as van de Poppe suggests, it could set the stage for a strong performance in the crypto markets in the coming month.
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