Regardless of Bitcoin not too long ago hitting a brand new all-time excessive (ATH) of over $70,000, crypto analyst Michaël van de Poppe believes that there’s nonetheless extra room for important strikes to the upside. Apparently, he additionally expects that this bull cycle will probably be one like no different.

Bitcoin Nonetheless Closely Undervalued

Michaël van de Poppe talked about in an X (previously Twitter) submit that Bitcoin was nonetheless “closely undervalued” regardless of hitting a brand new ATH. He added that the worth is “approach greater” and famous how the flagship crypto will help hedge in opposition to inflation and preserve one’s buying energy alive. In the meantime, the crypto analyst believes there will probably be “approach greater numbers” in this cycle.

Michaël van de Poppe had beforehand hinted at Bitcoin rising to as excessive as $150,000 on this bull run. Different analysts have additionally given comparable value predictions, with the consensus that BTC will certainly rise above $100,000. Different crypto analysts, together with MacronautBTC, have even gone so far as predicting that Bitcoin may rise above $200,000. 

There’s a rising perception that this bull cycle would be the mom of all previous cycles, which may very well be the explanation for such bold predictions. Furthermore, this cycle has the Spot Bitcoin ETFs, one thing previous bull runs didn’t have. These ETFs have ushered in additional institutional demand for the flagship crypto, which has led to an total enhance within the demand for Bitcoin. 

Apparently, NewsBTC beforehand reported that the demand for Bitcoin is considerably exceeding Miners’ provide. This growth is coming at a time when miners’ rewards are set to be reduce in half throughout the Bitcoin Halving. This is able to possible result in extra imbalance between the demand and provide curve, doubtlessly resulting in an exponential surge in Bitcoin’s value. 

BTC Nonetheless Has Sufficient Time To Hit New Highs 

Bitcoin hitting a brand new ATH of $70,000 is only the start of this bull run, as there may be purpose to imagine this bullish momentum may run into subsequent yr. Crypto analyst Ali Martinez famous in an X submit that Bitcoin has “constantly taken about eight to 11 months to hit a market high” at any time when it has shattered its earlier ATH.   

With Bitcoin presently hitting new highs, the analyst added that historic patterns recommend that the subsequent BTC market high “will probably be someday between November 2024 and February 2025.” Nevertheless,  Alex Thorn, Head of Analysis at Galaxy Digital, has warned that “bull markets will not be straight strains up” and that sharp corrections needs to be anticipated alongside the way in which. 

On the time of writing, Bitcoin is buying and selling at round $68,300, up over 2% within the final 24 hours in line with knowledge from CoinMarketCap. 

BTC value drops $68,400 | Supply: BTCUSD on Tradingview.com