Popular Crypto Analyst Doubles Down On Forecast For Massive Upside For Cryptos At 'Peak High Bull Cycle'

The crypto market may look range-bound after the euphoria of Bitcoin's stratospheric rise in November, but a popular analyst has used the opportunity to remind his followers about a forecast he made a few months back about where several cryptocurrencies, including Bitcoin, Ethereum and Polkadot, will end up at the peak of what he calls the "peak high bull cycle."

Michaël van de Poppe, who has half a million Twitter followers, is known for predicting breakouts and identifying patterns on crypto charts. He is also the CEO and founder of Eight Global, a crypto consultant firm, which has lent weight to his forecasts made on social media.

Poppe has claimed that he stands by the forecast he made for major cryptocurrencies in April. In a tweet on April 3, Poppe has claimed that when the peak of the current bull runs arrives, Bitcoin will reach $350,000-$450,000. The most popular cryptocurrency touched a high of $67,900 on Nov. 9 but has since fallen. At 12.05 a.m. ET Bitcoin was trading at $56,655, Coinmarketcap data showed.

He also forecast Ethereum to rally to $10,000-$17,500, and Cardano to reach $10-$20. He forecast Polkadot and Chainlink prices in the $250-$350 range, which is a 10x their current prices. Ethereum was trading at $4,516.

Among his other forecasts, Zilliqa's prices are to shoot up to $5-$7, while Elrond is expected to reach $1,500-$1,750 (as per his current revised forecast). Finally, Poppe claims that DIA, the utility token of an open-source Oracle platform, will reach $50-$75.

De Poppe did not disclose the method or the model he used to forecast the price ranges for the peak of the bull run, or when he expected that peak to be reached. But the dearth of credible forecasts and research on the crypto market has helped mainstream such dubious advice, swaying investment decisions of especially the young investors who follow the market on social media.

Still De Poppe doesn't see Bitcoin's price mooning in the next few weeks. "Honestly, I'm not too convinced about #Bitcoin at this point. The expectations are still that we're going to have a parabolic run taking place in a matter of weeks. I just don't see it happening. I'd rather see more consolidation happen and a bullish 2022," he said in a tweet Wednesday.

Benjamin Cowen, a YouTuber, financial analyst, researcher and the creator of the "Into The Cryptoverse" community, replied to the tweet, claiming Poppe's theory seemed "interesting."

"Interesting theory. It's almost like we said this would happen since 2019," said Cowan.

But Lark Davis, another popular cryptocurrency analyst and YouTuber with more than 700,000 followers on Twitter, noted the release of Bitcoin spot ETF in Canada by Fidelity and compared it to gold's price action.

"I wonder if the release date of #bitcoin spot ETFs in 2022 will market the end of the bull cycle? When $gold ETFs went live, there was a one-year "bear" market afterwards," Davis tweeted.

While these analysts have a large following on social media, the crypto market in general does not have a mature ecosystem of credible analysts or research houses covering it, or any regulations on making such forecasts. A recent example is how pseudonymous Dutch investor PlanB's forecast for Bitcoin to reach above $98k in November failed.

The crypto market is extremely volatile and experts recommend investors not to make decisions based on the sudden shift in prices.