Bitcoin 'Still Heavily Undervalued,' Says Crypto Analyst Despite BTC Breaking Its Previous All-Time-High: 'We'll See Way Higher Numbers'
Portfolio Pulse from Rounak Jain
Bitcoin (BTC) has reached a new all-time high of $70,000, with analyst Michael van de Poppe suggesting it is 'still heavily undervalued' and predicting higher values ahead. Despite a potential 30% correction due to the upcoming Bitcoin halving event, inflows from Bitcoin ETFs have hit a record $1.72 billion in March, indicating strong market sentiment. The market cap of Bitcoin has grown to $1.339 trillion from $868 billion at the start of 2024.
March 09, 2024 | 2:34 am
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Bitcoin has reached a new all-time high of $70,000, with predictions of further increases despite a potential short-term correction due to the halving event.
The new all-time high and analyst predictions of undervaluation suggest a strong bullish sentiment for Bitcoin. However, the anticipated halving event correction introduces short-term volatility. The record ETF inflows in March underline strong investor confidence and market support for Bitcoin, reinforcing the asset's potential for further gains.
CONFIDENCE 85
IMPORTANCE 95
RELEVANCE 100