Crypto Expert Reveals The Possibility Of Bitcoin Reaching $500,000
Crypto experts and analysts have given their opinions on how Bitcoin could rise in this bull cycle, with some opining that the flagship crypto token could rise to as high as $237,000. Now, this crypto expert has given a more ambitious price prediction, raising the possibility of Bitcoin hitting $500,000.
Bullish Sentiment Shows Bitcoin Can Reach $500,000
Crypto analyst Michaël van de Poppe mentioned in an X (formerly Twitter) post that the likelihood of BTC reaching $500,000 long-term is definitely there. He based this assertion on the overly bullish sentiment, which he noted is great for Bitcoin.
On the road to $500,000, Michaël van de Poppe noted that corrections will happen and they will be rough. However, he believes this shouldnt deter investors but serve as a giant buying opportunity, especially when BTC corrects 20% or more. This has been the case with Michael Saylors MicroStrategy, which has continued to buy on Bitcoin dips and now holds 1% of Bitcoins circulating supply.
Interestingly, a pseudonymous crypto analyst (Bitcoin Munger) also recently shared their Bitcoin target of $500,000. Unlike Michaël van de Poppe, who didnt provide a specific time frame, this analyst hinted at Bitcoin hitting this price level by mid-2025. Meanwhile, Bitcoin Munger echoed Michaël van de Poppes sentiment, stating there will be many scary drops along the way.
Significant price corrections in this bull cycle look inevitable, and different crypto analysts have continued to emphasize this point. Alex Thorn, Head of Research at Galaxy Digital, also mentioned that corrections are expected as the market doesnt move to the upside unfettered, even in a bull market.
The Most Ambitious BTC Price Prediction Yet
So far, the most ambitious Bitcoin price prediction is still from Jan3 CEO and Bitcoiner Samson Mow. Mow predicts that BTC could hit $1 million this year. He alluded to the imbalance between BTCS demand and supply, which is why he believes the flagship crypto token can reach such heights.
Mow believes that Bitcoins price will react accordingly as demand for the crypto token outpaces miners supply. This supply will be cut in half when the Halving event takes place in April. The aftermath of the event can create a potential scarcity for BTC, which will undoubtedly help drive its price up. However, BTC at $1 million still looks unimaginable.
At the time of writing, Bitcoin is trading at around $67,300, up over 7% in the last 24 hours according to data from CoinMarketCap.
Read more: https://www.newsbtc.com/news/bitcoin/crypto-expert-bitcoin-500000/
Text source: NewsBTC
