The most valuable cryptocurrency in the world, Bitcoin, has been tipped to reach a high price of $300,000 in the nearest future should the asset continues its impressive run. Despite the shocking fall in price experienced by the digital assets on Monday when it fell from $42,000 to $32,260, many experts believe BTC will bounce back from the terrible slump and regain its financial strength to continue its bullish run. According to one of the most popular crypto experts and traders, Michaël van de Poppe, the bull is expected to experience a new and higher surge in price as soon as its recent crash is over.
Michaël Likens Bitcoin’s shocking slump to dot-com bubble but predicts brighter future
Michaël, who has more than 20,000 YouTube subscribers, recently released a video via his YouTube channel stating his support for the Bitcoin price to reach an all-time high of $300K in the nearest future. According to him, the fall in price experienced earlier in the week could be likened to that of the dot-com bubble, which occurred in 2002 when there was a huge fall in the stock market rate of all internet companies.
Having seen a close-to 400% increase in the use of the internet between 1995 and 2000, which lead to a corresponding increase in stock market value, the internet industry surprisingly experienced a huge 78% reduction in the use of the internet two years later.
Though the dot-com bubble led to the loss of many internet companies such as Qualcomm, Amazon.com, and Cisco, Apple and Microsoft’s market stocks have increased since the unhealthy occurrence. Michaël predicted the same fortune for Bitcoin as he believes that digital coin will surely bounce back to regain its trading prowess in no time.
According to him via the newly released video, Bitcoin price will go above $300,000 as it will benefit from the “market or human psychology and market circle.” He equally cast his mind back to the bull’s healthy run from 2015 through 2016 when many investors tipped the cryptocurrency to reach $20,000 — a price it couldn’t attain until late 2017.
A boom cycle leads to high market irrationality
The crypto experts say that the irrationality of a market value of a commodity or cryptocurrency increases when they are in a booming period due to customer’s uncertainty about the future. According to him, once a product is enjoying a great run, customers tend to invest more as part of their desire to take maximum advantage of the profitable market situation, thereby helping to increase the price of such commodity — just as we’ve seen in Bitcoin price since the start of the year.
In his statement, it is unsurprising to see a slight crash in the BTC price tag as it is currently in a ‘correctional stage,’ which might see it recorded at least a 30% reduction in its overall financial worth. Nonetheless, the cryptocurrency is expected to pick up once again, and Michaël is confident Bitcoin price will eventually reach an all-time high of $300K. Seeing how the cryptocurrency’s price rose from $10,000 to $40,000 in less than 11 years, it won’t be out of place to share the same thoughts with Michaël on the future of Bitcoin and other cryptocurrencies.