A closely followed crypto analyst says the crypto markets are about to go parabolic, predicting a massive six-figure price tag for Bitcoin (BTC).
In a new strategy session, crypto trader Michaël van de Poppe tells his 733,700 followers on the social media platform X that if they believe in the narrative surrounding BTC’s halving cycles, the crypto king could shoot up a price of between $300,000 and $500,000 by the end of the year.
“It’s about time that the markets go vertical. If, that’s the question, you believe in the four-year halving, then we’re on the verge. Whether it is November, December, it doesn’t matter. End result is the same. Bitcoin to $300,000-$500,000.”
The trader’s chart indicates that this time around, BTC has seen only a small fraction of the growth it historically sees during halving years, meaning it has tons of room to flourish if it were to stay true to the pattern.
BTC’s halving occurs every four years in April and cuts miners’ reward in half. The last halving event occurred earlier this year.
According to Van de Poppe, since the top crypto asset by market cap had a recent dip toward the $65,000 area, it will consolidate and subsequently spark a rally to the upside as soon as next week.
“Bitcoin did have the dip toward the $65,000 area. Now, consolidation and breakout from next week onwards. I expect the Yields to start falling soon again, which would push markets higher.”
The trader’s chart indicates that BTC will shoot past the $71,000 price tag sometime in November before consolidating and taking off.
Bitcoin is trading for $67,892 at time of writing, a 1.14% gain during the last 24 hours.