Sat 09 March 2024 ▪
4
Minute Reading ▪ By
According to crypto analyst and famous YouTuber, Michael van de Poppe, despite a new all-time high of over $70,000, Bitcoin is still largely undervalued. He predicts much higher prices for the queen of crypto in the coming months.
Bitcoin Undervalued Despite New Record
Bitcoin recently reached a new symbolic milestone, surpassing $70,000 for the first time. A remarkable performance after a meteoric rise of nearly 45% in just one month.
However, according to Michael van de Pop, founder of trading company MN Trading Consultancy, Bitcoin is significantly undervalued at this price level. ” A historic day with Bitcoin reaching $70,000 for 1 Bitcoin. A new historical record, but still very undervalued“, has he declared.
Although he did not give a specific price target, the analyst is convinced that Bitcoin’s intrinsic value is very high. ” For this cycle, I think we will see much higher numbers“, he added.
Other experts share this enthusiasm. Peter Brandt, a seasoned trader and respected figure in technical analysis, envisions the next peak for Bitcoin between $120,000 and $200,000 by August-September 2025. A bold prediction that shows analysts’ confidence in Bitcoin’s upward trajectory.
Bitcoin, a safe haven in the face of rapid inflation
In addition to technical analysis, fundamentals also argue in favor of the continued growth of Bitcoin’s price. For Michael van de Pop, investing in BTC provides an effective hedge against rapid inflation.
” (Bitcoin) acts as a hedge against inflation and helps preserve your purchasing power as well as your capital“, he emphasizes. A characteristic that strengthens its appeal as a safe haven in an uncertain economic context.
A wave of institutional adoption, epitomized by the launch of exchange-traded funds (ETFs) backed by Bitcoin, is also fueling demand. Since the beginning of March, these ETFs have seen record inflows of $1.72 billion, according to SoSoValue data. This massive flow of liquidity helps support prices.
In short, Bitcoin continues to break records thanks to solid fundamentals and growing investor interest. If some analysts like Michael van de Popp see it as still largely undervalued with strong growth potential, others call for cautious optimism as the halving approaches.
Despite highly optimistic predictions seeing the queen of cryptos quickly reach $200,000, the market is not immune to a short-term correction. One thing is for sure, Bitcoin will continue to make headlines and surprises in the coming months.
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Passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
disclaimer
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decisions.
