Benzinga - Analyst Michael van de Poppe on Wednesday predicted a long-term bullish sentiment on Bitcoin’s (CRYPTO: BTC) value, suggesting that a half-million-dollar price tag is a possibility for king cryptocurrency.
What Happened: In a tweet on X, van de Poppe said, “The overly bullish sentiment is great for Bitcoin. Long-term, a likelihood of Bitcoin reaching $500K is definitely there.”
He, however, cautioned investors about the market’s nature, adding, “However, corrections will happen and they’ll be rough.”
The overly bullish sentiment is great for #Bitcoin.Long-term, a likelihood of Bitcoin reaching $500K is definitely there.
However, corrections will happen and they'll be rough.
If Bitcoin corrects by 20% or more, use those as a giant buying opportunity.
That's it.
— Michaël van de Poppe (@CryptoMichNL) February 21, 2024
Van de Poppe added, “If Bitcoin corrects by 20% or more, use those as a giant buying opportunity. That’s it.”
This comes amidst a slight deceleration in Bitcoin’s rally, hovering around the $53,000 mark, the highest it has been in over two years.
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Why It Matters: Further elaborating on his forecast, van de Poppe stated, “My primary scenario remains the same for Bitcoin. Expecting to see continuation towards the highs, but first a flush for liquidity on the downside.” His predictions also extend to Ethereum (CRYPTO: ETH), for which he said, "expecting to see a strong continuation of ETH."
My primary scenario remains the same for #Bitcoin.Expecting to see continuation towards the highs, but first a flush for liquidity on the downside.
I'm also expecting to see a strong continuation of $ETH. pic.twitter.com/ieP1LatKh0
— Michaël van de Poppe (@CryptoMichNL) February 21, 2024
Meanwhile, Galaxy Digital’s CEO, Mike Novogratz, also shared his bullish stance, expecting Bitcoin to close the year far above its present value.
Novogratz said, “The ETF buyers, in general, that are coming through these RIA (registered investment advisor) channels, I think are taking supply off the market So I still see Bitcoin ending the year a lot higher.” He added that should the Federal Reserve initiate rate cuts, Bitcoin could hit a six-figure valuation within the year.
Photo via Shutterstock
Price Action: At the time of writing, BTC was trading at $51,616, up 0.38% over the past 24 hours, as reported by Benzinga Pro.
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