Bitcoin Hits New ATH, Predicted to Surge Even Higher

By: Isha Das

Bitcoin's recent journey to a new all-time high of over $70,000 has been supported by a myriad of on-chain data. Despite this impressive achievement, crypto analysts, including Michaël van de Poppe, believe that Bitcoin remains heavily undervalued, with predictions that the value will surge significantly higher. There is a consensus among analysts that Bitcoin could rise to as high as $150,000 in this current bull run, with some even predicting a rise above $200,000.

Various factors contribute to this optimistic outlook. Recent introduction of Spot Bitcoin ETFs, augmenting the overall demand for Bitcoin, especially from institutions, are taking Bitcoin's reputation as a hedge against inflation to another level. This bull cycle is expected to outshine all past cycles, possibly due to the growing imbalance between Bitcoin's demand and miners' supply, accelerated by the imminent Bitcoin halving. This could potentially lead to an exponential surge in Bitcoin's price.

Historically, Bitcoin has taken approximately 8 to 11 months to hit a market top after breaking its previous all-time high. Analysts like Alex Thorn recommend caution, reminding that bull markets are not 'straight lines up' and that significant corrections should be anticipated.