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Major cryptocurrency analyst and trader Michael van de Poppe has taken to the X social media platform (formerly known as Twitter) to share an ultra-bullish Bitcoin price prediction. He named the main reason why he believes Bitcoin is on the verge of breaking out in a big way.

"Bitcoin to $300-$500,000"

The analyst expects that the world’s flagship cryptocurrency, Bitcoin, is ultimately going to reach a jaw-dropping all-time high of $300,000 and then is likely to keep soaring until it trades at $500,000.

The main driver for this inevitable price surge, according to Poppe, is the Bitcoin halving. The fourth halving took place this year on April 20, slashing the amount of BTC minted per each new block down to 3.125 coins and thus adding to Bitcoin’s scarcity.

“It's about time that the markets go vertical,” the analyst said in his tweet, adding that “Uptober” does not matter here at all: “Whether it is November, December, it doesn't matter.”

Also, he commented today that Bitcoin took a dip towards the $65,000 zone, but it did not go below $67,000, losing only 0.5%. “Now, consolidation and breakout from next week onwards,” Michael van de Poppe commented.

Large whales buying BTC from paper hands 

Data shared by the data aggregator Santiment shows that over the last two weeks, the number of Bitcoin wallets that hold a minimum of 100 BTC has increased by 297 new wallets (that is a 1.9% surge).

At the same time, the number of wallets with less than 100 BTC has declined by 20,629. Thus, the largest key Bitcoin holders are buying more coins from weak retail hands. Santiment pointed out that “this historically leads to bullish outcomes.”

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