Experienced Bitcoin Trader Claims BTC Price is ‘Still Very Cheap’ Despite Bitcoin Approaching $60,000

Renowned BTC trader and analyst Michaël van de Poppe recently disclosed that “It is still incredibly cheap” currently for Bitcoin in this cycle and expects the asset’s price to rise to between $300,000 – $600,000.

His remark was made in reply to the world’s biggest asset manager BlackRock, that stated that Bitcoin could act as protection against increasing global uncertainty and decreasing trust in governments, banks, and fiat money.

As of the writing of this report, Bitcoin is at $59000 and it has increased by almost 10% in the last week. This follows a drop in early September when BTC fell from over $64,000 to less than $53,000.

In a tweet, Michaël van de Poppe shared his optimistic outlook, stating:In a tweet, Michaël van de Poppe shared his optimistic outlook, stating:

“The current value of Bitcoin is still extremely low According to my perception if not for the bubble 300,000- 600,000$ will be achieved this cycle. ”

Their asset base soared past the $10tn in the second quarter of calendar 2024 and they have grown more interested in cryptocurrencies recently. Its iShares Bitcoin Trust (IBIT) which is an Exchange Traded Fund (ETF) has more than $200 million in Bitcoin. This grows the firm’s impact in the market over and above its role as a company that is involved in the management of traditional assets.

BTC holders recently shifted $750M of coins from exchanges, representing the largest net Bitcoin outflow since May Outflows of this nature typically indicate that there’s lower supply on trading platforms coupled with either stable or increasing demand, both of which are factors that put upward pressure on the price.

For instance, when a large withdrawal was made in May 2024, price surged and placed Bitcoin in a matter of days below $7,200 to more than $7,200.

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