According to a well-known cryptocurrency analyst, Bitcoin is anticipated to surge to $300,000 within the current market cycle.
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A major cryptocurrency trader and analyst named Michael van de Poppe has shared a new prediction for Bitcoin. His target exceeds the recent prediction made by Max Keiser.
Bitcoin Predicted to Reach $300,000-$600,000: Analyst’s Forecast
According to cryptocurrency trader and analyst Michael van de Poppe, Bitcoin is expected to surge to astonishing price levels ranging from $300,000 to $600,000. This projection is attributed to the increasing interest from numerous financial institutions, sparked by the recent introduction of spot-based Bitcoin ETFs. However, Poppe anticipates several significant corrections before this milestone is achieved.
The institutional cycle is going to bring #Bitcoin to mass-adoption and a likely price value of $300,000-600,000 per Bitcoin.
Hence why it's super important to accumulate as much as you can.
How?
During 20-40% corrections.
— Michaël van de Poppe (@CryptoMichNL) February 23, 2024
As of the time of writing, Bitcoin is trading at $51,086, having experienced a slight recovery after a 2.77% decline earlier in the day. Since reaching its peak above $52,000 on Tuesday, February 20th, BTC has seen an overall loss of 3.32%.
Most of the Bitcoin supply is currently being acquired by fewer than a dozen Bitcoin ETF providers, including BlackRock, Fidelity, VanEck, and Ark Invest. These entities are collectively purchasing a substantial amount of Bitcoin daily—approximately 12.5 times the quantity generated by miners each day (totaling 900 BTC), with each new block yielding 6.25 BTC. However, Grayscale, a prominent fund management company, has been selling Bitcoin instead of acquiring it.
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Among these ETF providers, Fidelity has surpassed its counterparts in terms of daily inflows, even outpacing BlackRock, which traditionally led in daily Bitcoin purchases post-ETF launches. On February 23rd, Fidelity’s Wise Origin Bitcoin Fund accumulated 3,061 BTC, valued at $156 million, securing its position as the top buyer. Following closely behind was BlackRock, with 2,415 BTC purchased on the same day, equivalent to $123.3 million.
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Max Keiser Predicts $500,000 Bitcoin Target Amid Economic Concerns
Renowned Bitcoin maximalist Max Keiser has revised his long-term target for Bitcoin, setting it at $500,000. This ambitious projection is more than double his previous goal of $220,000. Keiser attributes this heightened forecast to his anticipation of “the global fiat money apocalypse” on the horizon.
The global fiat money apocalypse is upon us. The ultimate safe haven #Bitcoin is going to $500,000 pic.twitter.com/vkX1VQDRkB
— Max Keiser (@maxkeiser) February 24, 2024
Keiser has reiterated this $500,000 Bitcoin price target in recent tweets, where he also forecasted a stock market crash reminiscent of the 1987 event in the United States.
His sentiments are echoed by other experts, including angel investor Anthony Pompliano, who suggests that the stock market is currently nearing its peak. Pompliano highlighted the significant sell-offs by prominent figures like Jeff Bezos, Bill Gates, and numerous U.S. politicians as a potential indicator of looming economic challenges.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.