Every time bitcoin achieves feats, Michaël van de Poppe, a widely heard voice in the crypto industry, steps up to say what he thinks. And his opinion is that even though the flagship crypto has touched its all-time price high, the real value is actually underestimated. Here is the quintessence of his analysis.
The real price of bitcoin exceeds its historical price
Once again, the famous crypto analyst Michaël van de Poppe has spoken out on the current dynamism of the flagship crypto. This, in a context where the latter recently broke its historic price record by reaching a valuation of $70,000.
This is an increase that holders certainly welcome. But for van de Poppe, this surge in bitcoin is not up to par of what the asset is really worth. According to him, despite the asset’s recent peak, its true value remains underestimated.
The analyst’s opinion is based on bitcoin’s potential as a hedge against inflation and its ability to preserve purchasing power. Two factors which indicate, according to him, that the effective value of bitcoin exceeds its current level considered to be the highest of all time.
Therefore, Michaël van de Poppe, like other analysts, predict an even higher price for bitcoin during the current bull cycle. According to his projections, the assets could exceed $100,000 with the possibility of reaching $200,000.
An atmosphere of optimism around bitcoin
Although bitcoin has touched $70,000, analysts are unanimous in considering this step as the start of an upward trajectory. As analyst Ali Martinez points out, historical patterns suggest a tendency for bitcoin to peak 8 to 11 months after surpassing a previous all-time high.
The trend is therefore towards optimism that the current bull cycle will certainly surpass previous ones. A projection, partly driven by the success of the spot Bitcoin ETFs introduced a few months ago.
Indeed, these ETFs have attracted a number of institutional investors, thus increasing the demand for bitcoins. This demand now exceeds the supply of miners who are actively preparing for the next halving.
This imbalance between supply and demand could lead to a surge in the price of the flagship crypto between now and November 2024 and February 2025, according to Ali Martinez. However, other analysts advise caution and warn of possible unexpected market corrections, despite the current general uptrend.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
