Leading crypto analyst Michael van de Poppe has revealed that he expects a significant increase in Bitcoin (BTC) of up to 961% during the current bear market phase. The chief analyst pointed to a potential rally for the leading cryptocurrency.
Popular analyst Van de Poppe stated in his YouTube comments that based on previous bear market cycles and the law of diminishing returns, Bitcoin could experience an explosive rally of up to 961% and reach levels of $400,000. The expert used the following statements:
“I still believe that this bear cycle will be bigger than the previous one because our returns are diminishing. Bitcoin started from $3,000 and reached $69,000, making 14x or 17x or something in between. Even more than that. And when we consider the diminishing returns, if we made 80x in the first cycle from 2015 to 2017 and 20x in the second cycle, we don’t have to make 5x anymore. This is because the 2019-2021 cycle was brought down by Sam Bankman-Fried from FTX, and there are articles proving this.”
The chief analyst also stated that if the expected rise in the flagship cryptocurrency Bitcoin begins, it could surpass 20 times the lowest level of the 2023 market cycle. The analyst said the following:
“Diminishing returns could also mean an increase of 18x from $16,318 at the beginning of 2023. If we are making 20x, when we calculate the numbers, we will say ‘the bear market is over.’ And we will make 21x. And we will make 20 times from the lowest level of the 2023 market cycle. It is very logical to say that Bitcoin can reach between $300,000 and $400,000 in this bear cycle because I believe that many new participants have entered the market and pushed prices up. We have a similar cycle to 2016-2017, and altcoins will also perform well during this period.”