Cryptocurrency analyst and trader from Amsterdam Michael van de Poppe has published a bullish Bitcoin price prediction. However, a major price pullback is to follow once the halving is here, the expert believes.
Bitcoin likely to peak at $54,000-$58,000, Poppe says
The aforementioned crypto analyst tweeted that he expects the current Bitcoin rally to reach a peak at the $54,000 level or maybe even extend itself higher by hitting $58,000. Presumably, this scenario should play out before the Bitcoin halvening event occurs in two months.
However, Poppe also threw some cold water on those who think that Bitcoin will continue its bullish ascent immediately, driven by the halving. The analyst tweeted that a “substantial correction to $40,000-$42,000” is likely after the halving has arrived.
I’m unaware whether we will get this correction on #Bitcoin in the short term.
I think that this rally is going to peak between $54-58K and provide a substantial correction to $40-42K after the halving has taken place. pic.twitter.com/vW2t7sklPh— Michaël van de Poppe (@CryptoMichNL) February 25, 2024
Overall, Poppe sees the price of the flagship cryptocurrency going much higher than his forecast. On Saturday, he tweeted that the price is likely to reach as much as $300,000-$600,000 thanks to the institutional demand for Bitcoin.
The institutional demand mentioned by Poppe started from the approval of spot-based Bitcoin exchange-traded funds (ETFs) made by the Securities and Exchange Commission on Jan. 11. Eleven funds were given the green light and so these companies began their massive daily Bitcoin buying spree. So far, these Bitcoin product providers are consuming 12x BTC of the amount that miners can produce per day (900 Bitcoins, per day, 6.25 BTC per each new block).
“Bitcoin is like Berkshire Hathaway stock” – Max Keiser
Major Bitcoin maximalist and one of the earliest adopters of Bitcoin, Max Keiser, has likened the world’s leading cryptocurrency to the stock of Berkshire Hathaway – the hedge fund that belongs to one of the biggest Bitcoin critics Warren Buffet.
Bearing in mind that Buffett is a legend of the investment world and is one of the wealthiest people alive, Keiser spoke of him respectfully, stating that Berkshire Hathaway Class A stock cost $1,500 per share at some point before it surged to the current $628,000 price level. Keiser said that buying Bitcoin now is the same as buying BRK at $1,500.
Buying #Bitcoin today is like buying Warren Buffett’s Berkshire Hathaway stock when it was $1,500 a share. (It’s now $628,000)— Max Keiser (@maxkeiser) February 25, 2024
Over the past 24 hours, Bitcoin demonstrated a decline of 1.58%, hitting $50,950. However, this was followed by a rise as BTC succeeded in surging back to the $51,400 zone.