According to a closely watched crypto analyst, Bitcoin (BTC), despite dropping below $100,000 in the past week, is still on a positive trend. It could even explode more than 400%.
Michael van de Poppe, a crypto-trader on social media platform X, told his 754,000 subscribers that Bitcoin may reach $500,000 during the current market cycle.
He employs a rainbow-colored logarithmic-growth-channel (LGC), which is designed to filter out short-term fluctuations and predict Bitcoin’s long-term lows, while predicting its highs. The overlays of color bands over the LGC indicate market sentiment in different price ranges.
The Bitcoin rainbow chart is a beautiful thing. The previous peak should have been much higher, as it did not reach extreme territory. The higher the tops are, the longer that the chart is. A target of $5000 is not bad if we can get a bull until 2026. .”
The analyst believes that Bitcoin’s near-term high has already been reached due to this week’s hawkish Fed outlook. He says that altcoins could start to take off.
When it comes to Bitcoin’s price, I believe we have sealed the top for the moment. Altcoins will be ready when labor market data worsens, which is expected to cause a significant correction in Yields. The chances that crypto will have a much longer cycle has increased .”
He predicts, finally, that the bull crypto market will continue for a long time.
“Altcoins are dead. You hear it. I’ll tell you right now: They aren’t. The cycle in question is not. This cycle is full of surprises. For patient players, a longer cycle with greater returns is in store. .”
Bitcoin was trading at $97,094 as of the time this article is written, down by 3.4% over the past 24 hours.
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Sources of Images include Pixabay Creative Commons & Midjourney
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