Benzinga - by Rounak Jain, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) just crossed the $70,000 mark for the first time in history, setting a new all-time high. Amid the ongoing bull run, analyst Michael van de Poppe thinks there's a lot of steam left in King Crypto.
What Happened: Despite running up by a massive 44.6% in the last month, crypto analyst Van de Poppe continues to remain bullish on the world's leading cryptocurrency.
"Historical day with #Bitcoin reaching $70,000 per 1 Bitcoin. A new all-time high, but yet, still heavily undervalued."
While van de Poppe did not give a new target price for Bitcoin, he thinks the "value is way higher." He also made the case for investing in BTC by saying it acts as a hedge against inflation and helps preserve your purchasing power as well as capital.
"This cycle, I think we’ll see way higher numbers."
Historical day with #Bitcoin reaching $70,000 per 1 Bitcoin.A new all-time high, but yet, still heavily undervalued.
The value is way higher, preserving capital, inflation hedge and keeping your purchasing power alive.
This cycle, I think we'll see way higher numbers.
— Michaël van de Poppe (@CryptoMichNL) March 8, 2024
However, the upcoming Bitcoin halving event in April might result in a slight pullback. Before it rallies once again, Bitcoin could see a 30% potential correction wherein traders book profits and increase their liquidity.
He said that one of the reasons behind the strength of Bitcoin despite the halving event in sight is the inflows from exchange-traded funds (ETF.)
According to data from SoSoValue, Bitcoin ETFs have witnessed record net inflows of $1.72 billion in March so far
Why It Matters: There is an overall bullish sentiment in the cryptocurrency market, with Bitcoin leading the charge. The King Crypto's market capitalization has increased from nearly $868 billion at the beginning of 2024 to $1.339 trillion now.
Amidst the bullish sentiment, some analysts recommend "cautious optimism" with the Bitcoin halving event around the corner now.
“While I have confidence that Bitcoin will continue to grow in price, I'm of the belief that there should be more cautious optimism in the short term," said Anthony Georgiades, general partner at Innovating Capital.
Price Action: Bitcoin was trading 1.39% higher in the last 24 hours, according to Benzinga Pro.
Read Next: $240M Liquidated As Bitcoin Rejects $70,000: ‘Just The Test Pump,’ Says Trader, But Not Everyone Agrees
Photo by Michael Förtsch on Unsplash
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