Bitcoin Could Reach $250,000 This Cycle Despite Radical Corrections, Analyst Predicts

Bitcoin remains in a bull market despite dropping to the $80,000 range this week, according to crypto strategist Michaël van de Poppe. He predicts Bitcoin could ultimately surge to $250,000 in the current market cycle.

Van de Poppe shared his analysis with his 778,500 followers on X. "I don't think that the cycle is over. I think it barely started, even the hype on Bitcoin wasn't anywhere near euphoria," he wrote.

The analyst projects a potential 195% increase from Bitcoin's current value. He believes the cryptocurrency will climb above the $200,000-$250,000 range before this cycle ends.

"I also believe we'll have one year of outperformance of the ecosystem versus Bitcoin," van de Poppe added.

The trader compared the current situation to previous market cycles. He noted that Bitcoin experienced multiple 30% or greater corrections during the 2017 bull run before establishing new all-time highs. Bitcoin is currently down 25% from its recent peak.

"That's a normal correction, nothing strange, nothing to worry," van de Poppe stated.

Looking ahead to March, the analyst suggests crypto markets could perform strongly if Bitcoin regains certain price levels. "Bitcoin reached the sweet spot for entries. I think that, if we're able to gain back above $88,000-$89,000, that this weekly provides a deep wick and we'll have a great month into March," he explained.

Van de Poppe also predicted that "utility coins" would outperform Bitcoin if these market conditions materialize.

Bitcoin was trading at $84,710 at the time of writing, showing flat performance for the day.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.