A renowned crypto analyst Michaël van de Poppe expressed a strongly bullish sentiment on Bitcoin (BTC) amid increasing interest from institutional investors. Van de Poppe told his 162,000 YouTube subscribers that Bitcoin might rally by nearly 15X in the run-up to the halving and for many months after.
“We’re most likely going to have a cycle that’s comparable to 2015 to 2017, which also had a phase where a big group of people were jumping into the markets. And this time it’s the next flow which is institutional investors, more retail coming in, and more governments jumping in. It’s very likely that we’re going to have that in this cycle.
We just gradually go up in terms of adoption, in terms of price growth, through which an expectation of Bitcoin to do a 10x, or maybe a 15x, is not strange to expect in this cycle. Especially since the market cap of crypto is around $1.2 trillion…”
Based on an explanation by Van de Poppe, crypto assets might imitate the dot-com stock market bubble of the late 1990s.
“The dot-com bubble was approximately $10 to $15 trillion which also collapsed afterward as price and hype always starts to accelerate which inevitably will happen to crypto too…
You can assume that this cycle will bring crypto to between $10 to $20 trillion and peak from there. And then have this slow gradual adoption taking place in slower cycles afterward.”
In the near term, the crypto trader and analyst said that in case Bitcoin were to undergo a correction, the pivot point might be around $42,000.
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“The next target is breaking these highs [around $40,000] and getting it towards $50,000 in the next round pre-halving. That is still a very likely case. It is also still a very likely case that altcoins can continue pushing.
But for this run, given that we are at this point [just above $30,000], it’s still up for debate whether we’re going to have a correction taking place. But I’m marking $42,000 as the potential end of the run for this current rally of Bitcoin.”
Source: https://econintersect.com/bitcoin-set-to-skyrocket-by-up-to-1400-driven-by-institutional-interest