Prominent crypto trader and strategist Michaël van de Poppe is revealing his bold Bitcoin top prediction.
In a new video, Van de Poppe discusses the ebbs and flows of a crypto bull cycle, explaining why right now is a dangerous time to bet on a bear market.
“If you want to bet on a bear market you’re betting on something that’s happening not too often. If you do that, you’re betting against the general trend of the market…
I’m quite sure that we are in a bull cycle and betting on a bear market is really complicated to do… especially in a market where the US dollar is losing value over time…
I think the bet that you want to be involved in is crypto and I think the bet is you want to also be involved in altcoins…“
Van de Poppe reasons that as the US dollar continues to be devalued and institutional money flows into the flagship cryptocurrency, eating into BTC supply, the bull market will march on, taking the price of BTC all the way to six digits.
“Given the fact that institutional money and more adoption and [there are] more options to buy Bitcoin, for instance, this week we had Coinbase accept PayPal orders for Bitcoin… The more that is happening, the heavier the supply shock is going to happen for Bitcoin, which means there is so much demand right now that it will push the price up as there is less supply on the market.
You can see that the amount of Bitcoin is dropping heavily as it is going into hardware wallets and into investment purposes.
Are we going with Bitcoin towards $300,000 or $500,000? I guess we will because if you look at the valuation of gold at this stage, it’s about $12 trillion. If you calculate that for Bitcoin at this stage, it’s already about $500,000 that we’re going to hit. So if we are going to have a top this cycle for Bitcoin, I guess it’s going to be above $250,000 and closer to $350,000-$450,000 and I guess it will also be longer than this year. I guess we will have more substantial sideways periods.”
Van de Poppe also contemplates where we are in the current crypto bull market overall, suggesting that we are “in the 1998 or 1999 of the dot com bubble” and that the crypto market will balloon nearly 500% from here.
“The crypto market capitalization is ready to $10+ trillion in this cycle.”
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Featured Image: Shutterstock/Tithi Luadthong