Crypto trader Michaël van de Poppe is predicting a massive Bitcoin (BTC) surge in the current bull market cycle.
In a new strategy session, Van de Poppe tells his 161,000 YouTube subscribers that based on previous bull market cycles and the laws of diminishing returns Bitcoin could explode 961% from its current value to as high as $400,000.
“I still believe that this bull cycle is going to be bigger than the previous bull cycle in the sense that we had diminishing returns. So Bitcoin did a 14x or 17x or anything in between because it came from $3,000, went to $69,000. It even did more.
And then I think that diminishing returns doesn’t mean that if in this cycle from 2015 to 2017, we did an 80x and in the second cycle here, we do a 20x, that we need to do a 5x after that. Because this [2019-2021] cycle was pushed downwards by Sam Bankman-Fried with FTX pushing down the price of Bitcoin during this period, and there were articles proving that point.
Diminishing returns might also mean that from here [in early 2023 at $16,318], you do an 18x. You do a 20x, which means that if we go and we calculate the numbers, so we calculate the numbers [from 2019-2021] and we say, hey, the bear market has been done, we do a 21x. And from [2023 market cycle low], we’re going to do 20x.
It is very reasonable to state that Bitcoin might be going to $300,000 to $400,000 in this bull cycle, as I think that there are many new participants joining the markets, going to push the prices through which it is very likely that we’re going to have a 2016-2017 type of cycle, and in this period altcoins will still do well.”
Bitcoin is trading for $37,680 at time of writing.
I
Generated Image: DALLE3
Credit: Source link
