Bitcoin Bitcoin/USD it just crossed the $70,000 mark for the first time in history, setting a new all-time high. In the midst of the ongoing bull run, analyst Michael van de Poppe thinks there is still a lot of energy in King Crypto.
What happened: Despite the 44.6% surge in the last month, cryptocurrency analyst Van de Poppe continues to remain optimistic about the world’s leading cryptocurrency.
“Historic day with #Bitcoin reaching $70,000 per 1 Bitcoin. A new all-time high, but still highly undervalued.”
While van de Poppe did not provide a new price target for Bitcoin, he believes “the value is much higher.” He also championed the cause of investing in BTC saying that it acts as a hedge against inflation and helps preserve purchasing power and capital.
“This cycle, I think we will see much higher numbers.”
However, Bitcoin’s upcoming halving in April could lead to a slight pullback. Before it recovers once again, Bitcoin could see a potential 30% correction as traders book profits and increase their liquidity.
He said one of the reasons behind Bitcoin’s strength, despite the halving event ahead, is inflows from Exchange Traded Funds (ETFs).
According to data from SoSoValue, Bitcoin ETFs have seen record net inflows of $1.72 billion so far in March
Because matter: There is an overall bullish sentiment in the cryptocurrency market, with Bitcoin leading the way. King Crypto’s market capitalization has increased from nearly $868 billion in early 2024 to $1.339 trillion now.
Amid the bullish sentiment, some analysts recommend “cautious optimism” with the Bitcoin halving event now just around the corner.
“While I am confident that the price of Bitcoin will continue to rise, I am convinced that there should be more cautious optimism in the near term,” he said Antonio Georgiadesgeneral partner at Innovative capital.
Price Action: According to Benzinga Pro, Bitcoin has traded up 1.39% in the last 24 hours.
Read Next: $240 Million Liquidated as Bitcoin Rejects $70,000: ‘Just the Test Pump,’ Trader Says, But Not Everyone Agrees
Photo by Michael Förtsch on Unsplash