The highly anticipated 2024-2025 Bitcoin bull market has already begun and it has been quite the ride so far. The most important question on everybody’s lips is the most obvious one: How high will bitcoin go this time around? Famed Dutch digital currency trader Michael Van De Poppe believes it will surpass all expectations.
Yesterday he tweeted:
Michael Van De Poppe’s Predictions
Van de Poppe is a known Bitcoin bull and he is known for his strong bullish position most of the time. If he is tweeting front, left, and center that this time, the digital asset bull market will surpass all expectations, is there any truth to the matter?
Will Bitcoin Overdeliver?
Well, it is hard to say as apart from the naysayers, there are some conservative estimates in the market and then there are a few over-the-top ones. Some relatively safe bets place bitcoin on a path to $100k by the middle of 2025. On the other hand, the over-the-top bets believe bitcoin will reach at least $500k by the end of this bull market, sometime next year.
The Early Onset of the Bull Market
The earlier-than-anticipated arrival of the bull market in the first quarter of 2024 has emboldened the Bitcoin maximalists and the wider digital asset market considerably. There is no shortage of bulls like Van de Poppe who want Bitcoin to defy all rational expectations and book a ticket straight to the moon.
However, even he believes that now we are nearing a pre-halving peak and things are likely to subside a little before they start to take off again. The latter parts of 2024 are where things are going to go ballistic once more, he suggests.
Will Bitcoin Post a New All Time High Before Halving?
The Bitcoin halving takes place on April 15, 2024, and that is a good 6 weeks away from today’s date. A lot can happen right now. There is a strong likelihood that the bulls force a new All-Time High (ATH) in the buildup to the halving date. The current ATH is $69k and that was set at the end of the 2020-2021 bull market back in November 2021.
The bulls only need to force a 12% price increase to force a new ATH. Considering the index has appreciated by more than 100% in the last 3 months or so, this should be a piece of cake for them.
However, the $69k figure is a major price psychological resistance. While the price increase may not look like much, it can still pose a formidable challenge in the coming weeks.
Verdict
Bitcoin’s sudden price breakthrough in February has ignited discussions regarding its eventual bull market peak. Only the market can eventually decide which way things will go. The bulls have the momentum to pull off a major market maneuver that is for sure. As long as it keeps above $60k, the likelihood of a new ATH will remain high even if the bullish situation slows down a little.
