A widely known cryptocurrency analyst believes Bitcoin (BTC) could surge to triple digits before the cycle ends.
Cryptocurrency trader Michael van de Poppe told his 724,700 followers on social media platform X that Bitcoin could rise by up to 890% from its current value if investors choose the iconic digital asset as a hedge against geopolitical tensions, banking instability, and currency devaluation.
“Bitcoin’s current valuation is still very low. I wouldn’t be surprised if it goes to $300,000-$600,000 this cycle.”
At the time of writing, Bitcoin is trading at $60,588, up more than 4% in the last 24 hours.
The analyst also says that the TOTAL3 chart appears to be making a breakout for the top digital asset by market cap (TOTAL3/BTC). The TOTAL3 chart tracks the market cap of all crypto assets except Bitcoin, Ethereum (ETH), and stablecoins.
The analyst said:
“There has been a huge weekly bullish divergence in TOTAL3/BTC (altcoin market cap in Bitcoin). I expect it to get even stronger in the coming period in terms of price action.”
According to the analyst, TOTAL3/BTC is showing a bullish divergence with the Relative Strength Index (RSI) on the weekly timeframe. A bullish divergence often indicates that a reversal is expected as the asset price is trading lower or sideways while the indicator is witnessing higher lows.
The TOTAL3/BTC breakout suggests that the overall altcoin market is outperforming Bitcoin.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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