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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Cryptocurrency analyst and trader from Amsterdam Michael van de Poppe has published a bullish Bitcoin price prediction. However, a major price pullback is to follow once the halving is here, the expert believes.
The aforementioned crypto analyst tweeted that he expects the current Bitcoin rally to reach a peak at the $54,000 level or maybe even extend itself higher by hitting $58,000. Presumably, this scenario should play out before the Bitcoin halvening event occurs in two months.
However, Poppe also threw some cold water on those who think that Bitcoin will continue its bullish ascent immediately, driven by the halving. The analyst tweeted that a “substantial correction to $40,000-$42,000” is likely after the halving has arrived.
Overall, Poppe sees the price of the flagship cryptocurrency going much higher than his forecast. On Saturday, he tweeted that the price is likely to reach as much as $300,000-$600,000 thanks to the institutional demand for Bitcoin.
The institutional demand mentioned by Poppe started from the approval of spot-based Bitcoin exchange-traded funds (ETFs) made by the Securities and Exchange Commission on Jan. 11. Eleven funds were given the green light and so these companies began their massive daily Bitcoin buying spree. So far, these Bitcoin product providers are consuming 12x BTC of the amount that miners can produce per day (900 Bitcoins, per day, 6.25 BTC per each new block).
Major Bitcoin maximalist and one of the earliest adopters of Bitcoin, Max Keiser, has likened the world’s leading cryptocurrency to the stock of Berkshire Hathaway – the hedge fund that belongs to one of the biggest Bitcoin critics Warren Buffet.
Bearing in mind that Buffett is a legend of the investment world and is one of the wealthiest people alive, Keiser spoke of him respectfully, stating that Berkshire Hathaway Class A stock cost $1,500 per share at some point before it surged to the current $628,000 price level. Keiser said that buying Bitcoin now is the same as buying BRK at $1,500.
Over the past 24 hours, Bitcoin demonstrated a decline of 1.58%, hitting $50,950. However, this was followed by a rise as BTC succeeded in surging back to the $51,400 zone.