The price of Bitcoin (BTC) has reclaimed the crucial $60,000 price mark for the first time since Aug. 30, and a well-followed trader and analyst believes the flagship crypto’s rally may have more fuel in the tank.
In a recent X post, Michaël van de Poppe suggested that Bitcoin reaching six figures during this market cycle is not out of the question.
Likely Price Value Of $300,000-$600,000 For BTC
Poppe’s forecast has it that Bitcoin is likely to soar to jaw-dropping price levels of $300,000-$600,000. This is down to investors choosing the alpha crypto as a hedge against geopolitical uncertainties, banking instability, and currency devaluation.
“The current valuation of Bitcoin is still super low. I wouldn’t be surprised with $300,000-$600,000 this cycle,” Michaël van de Poppe posited.
This explains it all.
The current valuation of #Bitcoin is still super low.
I wouldn’t be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A
— Michaël van de Poppe (@CryptoMichNL) September 12, 2024
At the time of writing, Bitcoin is changing hands at $60,124, up a measly 0.4% over the past 24 hours. The largest crypto remains around 18.6% below an all-time high above $73,737, registered six months ago. Furthermore, BTC today is well lower than its level nearly three years ago when it touched a historic high of $69K.
Notably, the United States Federal Reserve is set to meet on Sept. 18 to decide on interest rate adjustments, with commentators seeing a certainty the U.S. central bank will undertake its first easing cycle since 2019. This should ultimately benefit risk assets such as Bitcoin, as lower rates encourage liquidity to enter the markets.
With this move, the Fed will join other prominent Western central banks — the European Central Bank, the Bank of England, and the Bank of Canada — all of whom have already slashed their benchmark interest rates.
It’s possible that such central bank measures will be enough to spark a new bull run.
Bitcoin Price About To ‘Explode’
Meanwhile, the best-selling author Rich Dad Poor Dad has predicted that the Bitcoin price could soon “explode.” Kiyosaki anticipates that “real assets” will enjoy huge rallies due to the Fed’s upcoming rate cuts.
“Those who own real gold, silver, and Bitcoin will get richer….able to afford Ferraris or Lamborghinis….while talkers who take the bus…. say to themselves… ‘I really do not like either Ferraris or Lamborghinis,’” the famous author added.
Kiyosaki has also previously predicted that the price of the premier crypto could fly to $300,000 by the end of 2024.
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