Crypto analyst Michaël van de Poppe has forecast that Bitcoin BTC/USD could potentially skyrocket by a staggering 890% in the current cycle, reaching a value between $300,000 and $600,000.

He expressed his belief that Bitcoin’s current market value is significantly underpriced and could witness a substantial surge if investors consider the digital asset as a safe haven against geopolitical uncertainties, banking instability, and currency debasement.

This explains it all.

The current valuation of #Bitcoin is still super low.

I wouldn't be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A — Michaël van de Poppe (@CryptoMichNL) September 12, 2024

Van de Poppe also pointed out a potential breakout in the TOTAL3 chart, which monitors the market capitalization of all crypto assets excluding Bitcoin, Ethereum ETH/USD, and stablecoins. He observed a bullish divergence on the weekly time frame with the relative strength index (RSI), indicating a possible reversal could be on the horizon.

A breakout in the TOTAL3/BTC ratio would suggest that the broader altcoin market is outperforming Bitcoin.

At the time of writing, Bitcoin was trading at $60,013.74, up by almost 10% in the last seven days.

Why It Matters: Van de Poppe’s prediction, if realized, could signify a monumental shift in the crypto market. Bitcoin’s potential surge could attract a new wave of investors, further solidifying its position as a leading digital asset.

Additionally, a breakout in the TOTAL3/BTC ratio could indicate a growing interest in altcoins, potentially leading to a more diversified crypto market.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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