A well-known cryptocurrency analyst has stated that despite Bitcoin (BTC) dropping below $100,000 this week, it remains in a bullish trend and could potentially surge by over 400%.

During a recent strategy session, crypto trader Michaël van de Poppe informed his 754,000 followers on the social media platform X that Bitcoin may reach $500,000 in the current cycle.

Van de Poppe utilizes a rainbow logarithmic growth channel (LGC) curve chart to forecast Bitcoin’s longer-term cycle lows and highs, while filtering out short-term volatility. The rainbow color bands overlaid on the LGC indicate market sentiment at various price levels.

“The Bitcoin rainbow chart reveals some interesting insights. Firstly, the previous peak should have been much higher as it did not reach extreme levels. Secondly, the longer the chart persists, the higher the peaks will be. If we witness a bull run until 2026, a target of $500,000 is reasonable.”

The analyst suggests that Bitcoin may have already reached its short-term peak due to the hawkish stance announced by the Fed this week. However, he anticipates that altcoins could begin to surge.

“In terms of Bitcoin’s price action, I believe we have reached the current high. The positive aspect: altcoins are poised for growth when the labor market data deteriorates, leading to a significant correction in Yields. Additionally, the likelihood of an extended cycle for crypto has significantly increased.”

Van de Poppe predicts that the bullish trend in the crypto market is far from over.

“Claims that altcoins are finished are baseless. This cycle is not over. There are still plenty of opportunities ahead, but expect surprises. A prolonged cycle with higher returns awaits patient participants.”

At the time of writing, Bitcoin is trading at $97,094, marking a 3.4% decrease in the last 24 hours.