A widely followed crypto analyst says that Bitcoin (BTC) is extremely likely to hit $250,000 or possibly even higher.
In a new video update, crypto trader Michaël van de Poppe tells his 170,000 YouTube subscribers that based on historical precedent, the top crypto asset by market cap appears ready to skyrocket.
According to Van de Poppe, BTC is flashing signs of an upcoming rally fueled by exchange-traded fund (ETF) inflows.
“We are currently consolidating around $100,000 only because we have a new group of participants being into the space due to the ETFs, which if that amount of money is pushing Bitcoin to $100,000, then we are I think underestimating the impact of the actual bull run to be happening and how high Bitcoin can go.”
The trader goes on to say that BTC is essentially repeating the same pattern it did during its last few cycles, which this time around would see it rally to a price tag of $250,000, noting that he believes the crypto king would be $50,000 currently if it weren’t for the ETFs.
“It’s remarkable and it’s comparable with the previous cycles but just at a different stage and we just need to move upwards with our expectations given that the ETF has been bringing Bitcoin towards higher valuations and I think if we didn’t have the ETF we would have been swimming around $50,000 and then it follows us with the M2 supply chart… which basically tells us that Bitcoin is going to follow that.
And if Bitcoin is going to follow through with that, we are about to see Bitcoin move to $160,000- $180,000 in the next three months. And what we also know is that the second half of the year is usually the best period for crypto, if the next quarter after that is going to take place as well, it is very, very likely that Bitcoin is going to reach a number of $250,000 or potentially even higher.”
BTC ETFs launched in January 2024 and have a total combined market cap of $138.5 billion at time of writing, according to data from Coinglass.
BTC is trading for $107,627 at time of writing, a 1.9% decrease during the last 24 hours.
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Featured Image: Shutterstock/WhiteBarbie/Mia Stendal
