Popular Dutch analyst Michaël van de Poppe thinks Bitcoin could experience another period of bizarre increases this cycle. According to the analyst, there is a scenario in which the Bitcoin price rises to the level of $500,000 this cycle.
Bitcoin to $500,000?
The Dutch analyst comes to that conclusion based on the ancient rainbow chart for Bitcoin.
According to Van de Poppe, the graph shows the following:
- Bitcoin should have moved much higher during the previous cycle, but did not reach the extreme phase.
- As time goes on and this cycle becomes longer for Bitcoin, the price will automatically go up.
“Count on a Bitcoin price of $500,000 this cycle,” he ends his tweet.
However, the question is on what basis Michaël van de Poppe came to the conclusion that the previous cycle did not go well. That’s the difficult thing about the real world, you simply can’t predict everything.
You could say that without FTX Bitcoin might have been much higher, but we will never know for sure. Of course they sold Bitcoin that actually belonged to their customers, but perhaps they also artificially inflated the market with all the marketing surrounding the exchange.
Heel erg bullish over altcoins
Furthermore, Van de Poppe is currently very bullish on altcoins.
“The altcoin market is ready for its next wave,” explains the analyst on This could mean that depending on the level of risk you take, your positions could result in a potential return of 3x-5x in Bitcoin terms,” says Van de Poppe.
Why is that the case according to the analyst? Quite simply, because they have not yet broken out and are still accumulating against Bitcoin. According to Van de Poppe, that is a fantastic signal.
We’ll just have to see about that in the end, of course, because the narrative for Bitcoin is strong, but we can’t say the same for altcoins. We have had extreme bull markets for altcoins in the past, but they may not necessarily happen now.
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Source: https://newsbit.nl/michael-van-de-poppe-bitcoin-kan-naar-500-000-deze-cyclus/
