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- Bitcoin price is expected to surge to $500,000 due to increasing demand and reduced supply from recent halving events.
- Data reveals that large Bitcoin holders are accumulating, a historically bullish signal as demand outpaces retail selling.
- Analyst Michael van de Poppe anticipates Bitcoin’s next breakout, fueled by bullish market trends and renewed scarcity.
Cryptocurrency analyst Michael van de Poppe shared a bullish Bitcoin price prediction on social platform X, suggesting BTC could reach the $300,000-$500,000 range. Regardless, Poppe sees a possible jump from Bitcoin’s recent halving in April, which could make Bitcoin much more scarce.
It's about time that the markets go vertical.
— Michaël van de Poppe (@CryptoMichNL) October 25, 2024
If, that's the question, you believe in the 4-year halving, then we're on the verge.
Whether it is November, December, it doesn't matter.
End result is the same.#Bitcoin to $300-500K. pic.twitter.com/xKMY6fr2Q9
With each halving, the reward for mining Bitcoin blocks is reduced, in this case, to 3.125 coins, which again amplifies Bitcoin’s scarcity. In March, Poppe stated that the cryptocurrency market is close to significant price movement, which might bring halving impacts, and demand from institutional players, to BTC.
Uptober” Marks Bitcoin’s Consistency
Bitcoin’s price fluctuations in October, which enthusiasts have dubbed “Uptober,” have not deterred Poppe’s forecast. Despite a slight dip to the $65,000 zone, Bitcoin held a position above $67,000. Poppe believes that this period of consolidation is only temporary and anticipates a breakout beginning as soon as next week, regardless of the timing.
“It’s about time that the markets go vertical. If that’s the question, you believe in the four-year halving, then we’re on the verge. Whether it is November or December, it doesn’t matter. End result is the same. Bitcoin to $300,000-$500,000,” he stated, expressing confidence that Bitcoin’s upward trend will resume shortly.
Large Bitcoin Holders Drive Market Activity
Recent data from blockchain analytics firm Santiment supports this bullish outlook. It indicates that major Bitcoin holders, or “whales,” have been accumulating BTC at a notable pace. Over the past two weeks, the number of wallets holding at least 100 BTC grew by 297, equating to a 1.9% increase. Conversely, smaller wallets holding less than 100 BTC saw a decline of over 20,000, suggesting that weaker retail holders may be selling their Bitcoin to these larger investors.
🐳 Bitcoin's whale wallets, which we can define loosely as 100 or more BTC, have grown by 297 wallets (+1.9%) in just the past 2 weeks.
— Santiment (@santimentfeed) October 25, 2024
🐟 During the same timeframe, the amount of wallets with under 100 BTC has shrunk by 20,629 wallets (-0.1%).
📈 As the largest key… pic.twitter.com/OZMEvopB6Y
He highlighted that such accumulation patterns by larger holders often lead to bullish outcomes as market supply becomes concentrated among more substantial, long-term investors. These indicators align with Poppe’s projection, reinforcing the theory that Bitcoin’s scarcity and robust demand could push the cryptocurrency to unprecedented price levels.
Bitcoin’s Path Forward as Demand Surges
Bitcoin’s path forward after the most recent halving and the continuous purchases by institutional investors prove that the asset is becoming extremely popular. Since institutional interest is growing and scarcity is increasing, the run to $500,000 may not be a long shot as predicted.