dailyhodl.com
A widely followed crypto analyst believes Bitcoin ($BTC) could soar by triple digits before the cycle ends.
Crypto trader Michaël van de Poppe tells his 724,700 followers on the social media platform X that Bitcoin could increase by up to 890% from its current value if investors choose the flagship digital asset as a hedge against geopolitical tensions, banking instability and currency debasement.
“The current valuation of Bitcoin is still super low. I wouldn’t be surprised with $300,000-$600,000 this cycle.”
Bitcoin is trading for $60,588 at time of writing, up more than 4% in the last 24 hours.
The analyst also says that TOTAL3 chart appears gearing up for a breakout against the top digital asset by market cap (TOTAL3/$BTC). The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins.
Says the analyst,
“A massive weekly bullish divergence on TOTAL3/$BTC (the altcoin market cap valued in Bitcoin). I’m assuming this is even going to be stronger in the coming period in terms of price action.”
According to the analyst, TOTAL3/$BTC is showing bullish divergence on the weekly time frame with the relative strength index (RSI), a momentum indicator. A bullish divergence often suggests that a reversal is in sight as the price of an asset trades lower or sideways while an indicator is witnessing higher lows.
A TOTAL3/$BTC breakout suggests that the broader altcoin market is outperforming Bitcoin.
Generated Image: Midjourney