Bitcoin just crossed the $70,000 mark for the first time in history, setting a new all-time high. The ongoing bull run has caught the attention of many analysts, including Michael van de Poppe, who believes there is still a lot of potential left in the cryptocurrency.
Despite Bitcoin’s massive 44.6% increase in the last month, Van de Poppe remains bullish on the leading cryptocurrency. He stated, “Historical day with #Bitcoin reaching $70,000 per 1 Bitcoin. A new all-time high, but yet, still heavily undervalued.” While he did not provide a specific target price, he emphasized that the value of Bitcoin is much higher than its current price. Van de Poppe also highlighted the benefits of investing in Bitcoin as a hedge against inflation and a way to preserve purchasing power and capital.
Looking ahead, Van de Poppe mentioned the upcoming Bitcoin halving event in April, which could lead to a slight pullback in the price. He suggested that Bitcoin might experience a potential 30% correction before rallying once again, as traders book profits and increase their liquidity. Despite the halving event on the horizon, Bitcoin has shown strength due to inflows from exchange-traded funds (ETFs).
According to data from SoSoValue, Bitcoin ETFs have seen record net inflows of $1.72 billion in March. This influx of institutional money has contributed to Bitcoin’s resilience in the face of upcoming events like the halving.
The overall sentiment in the cryptocurrency market remains bullish, with Bitcoin leading the charge. The cryptocurrency’s market capitalization has increased significantly, from nearly $868 billion at the beginning of 2024 to $1.339 trillion currently. However, some analysts are recommending cautious optimism as the Bitcoin halving event approaches.
Anthony Georgiades, general partner at Innovating Capital, emphasized the need for careful consideration in the short term, despite his confidence in Bitcoin’s continued growth. Bitcoin’s price action has been positive, with a 1.39% increase in the last 24 hours, according to Benzinga Pro.
As Bitcoin continues to make headlines with its impressive performance, investors and analysts are closely monitoring its movements and preparing for potential market shifts. The cryptocurrency market remains dynamic and exciting, with Bitcoin leading the way as the crypto king reaches new milestones.
