A prominent cryptocurrency analyst anticipates that Bitcoin (BTC) may surge by triple digits before the current cycle concludes.
Crypto trader Michaël van de Poppe shares with his 724,700 followers on the social media platform X that Bitcoin could potentially rise by up to 890% from its present price if investors opt for the leading digital asset as a safeguard against geopolitical unrest, banking issues, and currency inflation.
“The present valuation of Bitcoin remains extremely low. I wouldn’t be surprised to see figures between $300,000 and $600,000 by the end of this cycle.”
At the moment, Bitcoin is priced at $60,588, reflecting a more than 4% increase in the past day.
The analyst also remarks that the TOTAL3 chart appears to be preparing for a significant breakout against the top cryptocurrency by market capitalization (TOTAL3/BTC). The TOTAL3 chart monitors the market cap of all cryptocurrencies except for Bitcoin, Ethereum (ETH), and stablecoins.
According to the analyst,
“A substantial weekly bullish divergence is visible on TOTAL3/BTC (the altcoin market cap valued in Bitcoin). I expect this momentum to strengthen in the near future concerning price movement.”
The analyst notes that TOTAL3/BTC is exhibiting bullish divergence on the weekly time frame with the relative strength index (RSI), which is a momentum indicator. A bullish divergence frequently indicates a potential reversal as the asset’s price moves lower or sideways while the indicator shows higher lows.
A breakout in TOTAL3/BTC indicates that the broader altcoin market is outperforming Bitcoin.
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Disclaimer: Views expressed at The Daily Hodl are not investment recommendations. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note, your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a licensed investment advisor. Additionally, The Daily Hodl engages in affiliate marketing.
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