Crypto Analyst Envisions $500K Bitcoin Despite Current Market Challenges

Micheal van de Poppe, a popular crypto expert, maintains that Bitcoin remains firmly in a bullish trajectory, even after dropping below $100,000 this week.

The expert believes the digital asset could skyrocket by over 400%, potentially reaching $500,000 in the current market cycle.

Van de Poppe bases his projection on a rainbow logarithmic growth channel (LGC) chart. This chart is designed to analyze Bitcoin’s long-term price movements while smoothing out short-term volatility.

#Bitcoin Rainbow Chart shows some beautiful things.

First of all, the previous top should have been way higher as it didn’t get into extreme territory.

Secondl, the longer the chart lasts, the higher the tops will be.

If we get a bull to 2026, a target of $500K isn’t bad. pic.twitter.com/V9H5sFZbp3

— Michaël van de Poppe (@CryptoMichNL) December 19, 2024

The rainbow-colored bands overlaid on the LGC indicate market sentiment at various price levels. According to the analyst, these patterns suggest that Bitcoin’s previous peak was not as high as it could have been, leaving significant room for growth in this cycle. He predicts that if a bull market extends into 2026, Bitcoin could realistically hit the half-million mark.

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The analyst also suggests that Bitcoin may have already reached its short-term peak, influenced by the Federal Reserve’s recent hawkish stance. However, he points out that this could set the stage for altcoins to perform strongly. He notes that worsening labor market data could lead to lower yields, creating favorable conditions for altcoins to rally.

Despite claims that altcoins have lost their relevance, the analyst remains optimistic about the broader crypto market. He envisions a longer and more lucrative cycle ahead, emphasizing that patience will be rewarded with unexpected opportunities and higher returns.

Alexander Zdravkov