Analyst Predicts Bitcoin Could Reach $250,000 in Fourth Quarter
Renowned analyst and trader Michaël van de Poppe has made a bold prediction regarding the price of Bitcoin (BTC), stating that the flagship cryptocurrency is poised for significant growth after reaching a new all-time high.
Van de Poppe shared his insights with his 795,200 followers on X, stating that Bitcoin has the potential to reach a price of $250,000 in the fourth quarter, marking a substantial increase of approximately 112% from its current level.
According to the analyst, he anticipates Bitcoin to surge to $125,000 this month and potentially reach $150,000 between July and the end of September. However, Van de Poppe also expects the rally to experience a temporary pause before hitting these targets.
At the time of writing, Bitcoin is trading at $117,915, reflecting a 10% increase over the past week.
Ethereum Also Poised for Bullish Momentum
Shifting focus to Ethereum (ETH), Van de Poppe expressed optimism about the second-largest cryptocurrency by market cap, suggesting that it could achieve levels not seen since November 2021.
“A vertical candle upwards. Now, some patience and then we’ll continue to the all-time highs.”
Currently, Ethereum is trading at $2,980, showcasing a nearly 20% increase over the past seven days. However, it remains approximately 40% below its previous all-time high achieved nearly four years ago.
Altcoin Market Cap Set to Reverse Downtrend
Van de Poppe also touched upon the total market capitalization of altcoins compared to Bitcoin, highlighting a potential trend reversal. The analyst mentioned that altcoins are displaying a bullish divergence against Bitcoin on the weekly timeframe, indicating a possible turnaround in altcoins’ performance relative to the flagship cryptocurrency.
A bullish divergence occurs when the price of an asset forms lower lows while an oscillator like the relative strength index (RSI) forms higher highs.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney