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Analyst Predicts Price To Soar To $500,000

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As Bitcoin makes its way through the erratic waves of the cryptocurrency market, crypto analysts are still bullish about the asset, predicting BTC to reach unprecedented heights in the long run. 

Bitcoin To Reach $500,000 In The Long-Term

Bitcoin is currently in the spotlight as crypto expert Michael Van De Poppe has shared a bold prediction regarding BTC’s future with the community on the social media platform X (formerly Twitter). 

According to Poppe, Bitcoin is presently experiencing an “overly bullish sentiment” from market participants within the cryptocurrency space. Due to this, he claims that there is “a likelihood” for the crypto asset to reach $500,000 in the long term.

Poppe also warned investors about upcoming severe corrections prior to the surge. However, he has urged them to take the dip as a “giant buying opportunity” to position themselves for future gains.

The post read:

The overly bullish sentiment is great for Bitcoin. Long-term, the likelihood of Bitcoin reaching $500,000 is definitely there. However, corrections will happen and they will be rough. If Bitcoin corrects by 20% or more, use those as a giant buying opportunity. That’s it.

The analyst’s prediction has sent quite a frenzy in the crypto community, with several enthusiasts expressing their belief in the forecast. A pseudonymous X user stated that he agrees with the projections while noting that “BTC has the potential to grow in the long-term.”

Poppe has also shed light on his “game plan” for the upcoming period for the digital asset. He pointed out two distinct aspects of the plan in light of Bitcoin’s corrections.

“Survive a potential Bitcoin correction, as Bitcoin is at the end of this run and probably consolidating,” he stated. In addition, he has encouraged investors to navigate their investment toward Ethereum during the time of the retracement. He added that investors should hold their ETH for about “1 to 2 months and wait in cash until the correction is over.” 

BTC Is The Ultimate Safe Haven

Michael Van De Poppe is not the only analyst who believes Bitcoin has the potential to achieve the $500,000 mark. Max Keiser, a financial journalist, has also predicted that BTC will reach the aforementioned price target.

Keiser appears to be anticipating a significant crash in the stock market drawing a similar scenario to the 1987 crash. Consequently, he believes Bitcoin to be a safe haven during this period, as he expects the token to “soar past $500,000.”

The expert also noted that BTC ETFs and domestic miners will be confiscated by the US government within this period. However, despite this action, Keiser reckoned that BTC would still see more inflows than Gold in the market.

Bitcoin
BTC trading at $51,606 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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