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Bitcoin Could Skyrocket by Up to 890% This Cycle, Says Analyst Michaël van de Poppe – Here Are His Targets

Bitcoin Could Skyrocket by Up to 890% This Cycle, Says Analyst Michaël van de Poppe – Here Are His Targets

Daily HodlDaily Hodl2024/09/13 16:00
By:by Daily Hodl Staff

A widely followed crypto analyst believes Bitcoin ( BTC ) could soar by triple digits before the cycle ends.

Crypto trader Michaël van de Poppe tells his 724,700 followers on the social media platform X that Bitcoin could increase by up to 890% from its current value if investors choose the flagship digital asset as a hedge against geopolitical tensions, banking instability and currency debasement.

“The current valuation of Bitcoin is still super low. I wouldn’t be surprised with $300,000-$600,000 this cycle.”

Bitcoin is trading for $60,588 at time of writing, up more than 4% in the last 24 hours.

The analyst also says that TOTAL3 chart appears gearing up for a breakout against the top digital asset by market cap (TOTAL3/BTC). The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum ( ETH ) and stablecoins.

Says the analyst,

“A massive weekly bullish divergence on TOTAL3/BTC (the altcoin market cap valued in Bitcoin). I’m assuming this is even going to be stronger in the coming period in terms of price action.”

Source: Michaël van de Poppe/X

According to the analyst, TOTAL3/BTC is showing bullish divergence on the weekly time frame with the relative strength index (RSI), a momentum indicator. A bullish divergence often suggests that a reversal is in sight as the price of an asset trades lower or sideways while an indicator is witnessing higher lows.

A TOTAL3/BTC breakout suggests that the broader altcoin market is outperforming Bitcoin.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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