Bitcoin Could Surge 112% to $250,000 by Year End Says Analyst

Analyst and trader Michaël van de Poppe has shared his bullish outlook on Bitcoin, predicting that the cryptocurrency could surge by approximately 112% before the end of the year. According to Van de Poppe, Bitcoin is poised to reach a price of $250,000 in the fourth quarter, following a series of milestones. He anticipates that Bitcoin could hit $125,000 this month and $150,000 between July and the end of September. However, Van de Poppe cautions that the rally may pause before these targets are achieved, stating, “Probably going to stall for a little before we’ll continue.”

At the time of writing, Bitcoin is trading at $117,915, reflecting a 10% increase over the past week. Van de Poppe's predictions are based on his analysis of Bitcoin's price movements and market trends. He believes that the current momentum could drive Bitcoin to new all-time highs, but acknowledges that there may be temporary setbacks along the way.

In addition to his predictions for Bitcoin, Van de Poppe has also shared his views on Ethereum, the second-largest cryptocurrency by market capitalization. He describes Ethereum as appearing bullish and suggests that it could rise to levels last seen in November 2021. Ethereum is currently trading at $2,980, up nearly 20% over the past week but still down approximately 40% from its all-time high reached close to four years ago.

Van de Poppe also believes that the downtrend in the total market capitalization of altcoins versus Bitcoin is about to reverse. He notes that altcoins are forming a bullish divergence against Bitcoin on the weekly time frame, indicating that altcoins may be bottoming out against the flagship cryptocurrency. A bullish divergence occurs when the price of an asset is forming lower lows while an oscillator like the relative strength index (RSI) is forming higher highs.

Van de Poppe's analysis is based on his extensive experience as a trader and analyst, and his predictions are closely followed by many in the cryptocurrency community. However, it is important to note that his forecasts are subject to market volatility and other factors that could impact the price of Bitcoin and other cryptocurrencies. Investors should conduct their own research and exercise caution when making high-risk investments in digital assets.