Crypto analyst Michaël van de Poppe has forecast that Bitcoin (CRYPTO: BTC) could potentially skyrocket by a staggering 890% in the current cycle, reaching a value between $300,000 and $600,000.

What Happened: Van de Poppe shared his optimistic prediction with his 724,700 followers on social media platform X.

He expressed his belief that Bitcoin’s current market value is significantly underpriced and could witness a substantial surge if investors consider the digital asset as a safe haven against geopolitical uncertainties, banking instability, and currency debasement.

Van de Poppe also pointed out a potential breakout in the TOTAL3 chart, which monitors the market capitalization of all crypto assets excluding Bitcoin, Ethereum (CRYPTO: ETH), and stablecoins. He observed a bullish divergence on the weekly time frame with the relative strength index (RSI), indicating a possible reversal could be on the horizon.

Also Read: Is Bitcoin Really Out Of The Danger Zone? Crypto Analyst Predicts Potential Dip

A breakout in the TOTAL3/BTC ratio would suggest that the broader altcoin market is outperforming Bitcoin.

At the time of writing, Bitcoin was trading at $60,013.74, up by almost 10% in the last seven days.   

Why It Matters: Van de Poppe’s prediction, if realized, could signify a monumental shift in the crypto market. Bitcoin’s potential surge could attract a new wave of investors, further solidifying its position as a leading digital asset.

Additionally, a breakout in the TOTAL3/BTC ratio could indicate a growing interest in altcoins, potentially leading to a more diversified crypto market.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.