Crypto strategist Michaël van de Poppe says Bitcoin (BTC) remains in a bull market despite correcting to the $80,000 range this week and he is predicting a massive rally.
The analyst tells his 778,500 followers on the social media platform X that Bitcoin may soar to as high as $250,000 this cycle, a 195% increase from its current value.
“I don’t think that the cycle is over. I think it barely started, even the hype on Bitcoin wasn’t anywhere near euphoria. I do believe that we’ll see Bitcoin above $200,000-$250,000 this cycle. I also believe we’ll have one year of outperformance of the ecosystem versus Bitcoin.”
The trader notes that Bitcoin experienced several severe corrections during the 2017 bull cycle before rallying to print new all-time highs.
“During 2017, the markets have seen multiple 30%+ corrections. Bitcoin is currently down 25% since the all-time high. That’s a normal correction, nothing strange, nothing to worry.”
The trader also says that the crypto markets may have a strong performance next month if Bitcoin regains $89,000 on the weekly chart as support.
“Bitcoin reached the sweet spot for entries. I think that, if we’re able to gain back above $88,000-$89,000, that this weekly provides a deep wick and we’ll have a great month into March. Utility coins to outperform.”
Bitcoin is trading for $84,710 at time of writing, flat on the day.
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