As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I have learned to always approach predictions with a grain of salt. However, the recent bullish Bitcoin price prediction by Michael van de Poppe has piqued my interest. The reasoning behind his forecast – the Bitcoin halving and its impact on scarcity – is sound and aligns with my own observations.
Cryptocurrency expert and investor Michael van de Poppe recently expressed a highly optimistic view about Bitcoin’s future value on his social media account, which was previously known as Twitter. He explained his belief that Bitcoin is poised for a significant surge based on specific reasons he cited.
“Bitcoin to $300-$500,000”
According to the analyst’s prediction, Bitcoin – the world’s leading cryptocurrency – is projected to achieve an astonishing new peak of $300,000. After reaching this high, it’s anticipated that Bitcoin will continue its upward trend and eventually trade at a staggering $500,000.
According to Poppe’s analysis, the primary factor fueling the upcoming price spike is the Bitcoin halving event. This year on April 20th, the halving occurred, reducing the number of Bitcoins produced per new block to 3.125 coins. This reduction increases the scarcity of Bitcoin, contributing significantly to its potential rise in value.
The analyst stated in a tweet that it’s long overdue for the markets to start rising sharply, and he emphasized that the month of October, or any other following month, holds no significance.
If you’re wondering when Bitcoin might skyrocket, signs are pointing towards it happening soon, given the 4-year halving cycle. Regardless if it’s November or December, the outcome remains the same: Bitcoin prices could reach anywhere between $300,000 and $500,000. #Bitcoin
— Michaël van de Poppe (@CryptoMichNL) October 25, 2024
Today, he noted that the value of Bitcoin approached the $65,000 region, but it didn’t fall below $67,000, dropping just 0.5%. “From next week onward, we may expect consolidation and a possible breakout,” suggested Michael van de Poppe.
Large whales buying BTC from paper hands
According to the data from data provider Santiment, there’s been an uptick of 297 new Bitcoin wallets over the past fortnight that now hold at least 100 BTC. This represents a 1.9% growth in these larger wallets.
Simultaneously, there’s been a decrease of approximately 20,629 wallets holding less than 100 BTC. This suggests that the major Bitcoin holders are likely accumulating more coins, possibly from smaller retail investors. Santiment notes that such a trend has often preceded positive price movements in the past.
Over the past two weeks, the number of Bitcoin wallets holding 100 or more Bitcoins (whales) has increased by 1.9%, or 297 additional wallets.
— Santiment (@santimentfeed) October 25, 2024
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2024-10-25 16:59