Popular cryptocurrency analyst Michaël van de Poppe has predicted that the price of the flagship cryptocurrency Bitcoin ($BTC) could go through a “massive bull cycle” between 2024 and 2025 to trade between $250,000 and $300,000.
In a tweet the cryptocurrency analyst shared with his over 600,000 followers on the microblogging platform, he said that in the first quarter of this year he expects $BTC to trade sideways and potentially make a temporary bottom, before enduring a relief rally in the second quarter that could take it to the $30,000 to $35,000 mark.
The analyst’s prediction is based on interest rate hikes stopping by then while inflation goes down. In the final quarters of the year, however, van de Poppe expects a recession to kick in.
In another tweet, van de Poppe defended that while alternative cryptocurrencies (altcoins) could keep on crashing, they have been in their longest bear market until now, with 19 months of selling taking place so far.
The analyst noted he “wouldn’t recommend to start selling here,” and told his followers to “accumulate.” Similarly, the analyst believes $BTC will have a short-term rally to the $17,000 mark, before moving up to the $30,000 area in the second quarter of the year.
As CryptoGlobe has been reporting several analysts are still bullish on $BTC and other digital assets. Some predictions, including from former Goldman Sachs executive Raoul Pal and from an Ark Invest analyst, point to a $1 million price tag in the future.
Blockware Solutions, a company specializing in Bitcoin mining, has released a research report titled “Purchasing Power Under a Bitcoin Standard,” which states that if Bitcoin becomes the dominant store of value, its price could reach nearly $23 million.
The report also predicts that Bitcoin’s purchasing power could comprise approximately 61.4% of the total global market cap of financial assets and that its value will increase in perpetuity due to technological advancements increasing economic productivity over time.
The report assumes an average annual global GDP growth rate of 2%, which would lead to the purchasing power of Bitcoin doubling every 36 years.
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