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The iconic Spot Bitcoin ETF approval news has sent shockwaves through the crypto industry. Moreover, it has led to a price rally for not just Bitcoin (BTC) but Ethereum (ETH) and other smaller altcoins. Amid the market optimism created after the first Bitcoin ETF went live, a top analyst has made a bold prediction of Bitcoin price hitting $600,000 in the current bull run. This startling Bitcoin price prediction raises questions about whether the crypto will achieve the set target sometime soon.
Will Bitcoin Hit $600,000 In the Near Future?
In a post on X, Michaël van de Poppe, a popular crypto analyst, noted that Bitcoin’s ongoing bull cycle could propel its value to range between $300,000 and $600,000. It implies that he expects the BTC price to soar by a whopping 1176%, considering the upper price limit.
The analyst noted that the $48,000 target was achieved recently. The price then fell below the $47,000 mark, however, after the Spot Bitcoin ETF greenlight from the SEC aided in maintaining an uptrend. Thus, Poppe expects it to hit the level of $48,000 again after the ETF deal flows begin.
However, he also signals that there can be potential dips in this cycle. Hence, he advises to get an entry if the price drops and ranges between $36,000 and $40,000. According to the chart he provided, the short-term price range is set between $38,126.29 (Range Low) and $51,200 (Range High).
The Bitcoin price candle is heading toward the higher range and would attain that if it breaks the $48,556.34 level. However, if it drops below $42,237.34, it could hit a low of $38,000. Therefore, BTC has to maintain a value of nearly $42,300 or more to benefit from an upward trajectory.
While the $600,000 target seems ambitious, other analysts’ projections don’t align with it, at least till 2025 end. Earlier, in December 2023, CryptoCon, a renowned Bitcoin analyst on X, stated that the BTC price would top at $130,000 in the November-December period in 2025, concluding the ongoing bull cycle. He also noted that there’s a possibility of a 40% correction before attaining a new all-time high.
Moreover, amid such audacious projections, the deVere Group CEO Nigel Green mentioned a short-term and realistic target for Bitcoin. He expects the Bitcoin price to hit $60,000 after 11 Spot Bitcoin ETFs were approved on Wednesday, January 11. Green noted that this lucrative target would be met by the end of March 2024, according to a report by Street Insider.
Also Read: Bitcoin Price to touch $150,000 in 12 months, Tom Lee says
Bitcoin Price Today
The BTC price is trading fairly above the $47,000 level currently. At press time, the crypto traded at $47,275.90, gaining 5.03% in value. Whilst, the largest digital currency’s market cap stood at $927.73 billion. Additionally, the 24-hour trade volume soared by 27.33% to $50.29 billion.
According to TradingView analytics, Bitcoin is a ‘Buy’ today, considering the 1-day price movements. In addition, the Bitcoin price holds well above the 10-day and 50-day EMA of 45,402 and 42,072, respectively. This suggests that a stronger bullish rally is due. Meanwhile, the RSI value is 66, indicating a neural approach.
Also Read: BlackRock Spot Bitcoin ETF (IBIT) Soars 25% In Pre-Market Hours
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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