A closely followed crypto analyst says that Bitcoin (BTC) remains in a bullish trend and could explode by more than 400% despite dipping below $100,000 this week.

In a new strategy session, crypto trader Michaël van de Poppe tells his 754,000 followers on the social media platform X that Bitcoin could ultimately hit $500,000 in the current cycle.

He uses a rainbow logarithmic growth channel (LGC) curve chart, which aims to predict Bitcoin's longer-term cycle lows and highs while filtering out shorter-term volatility. Overlays of rainbow color bands on top of the LGC suggest market sentiment at different price ranges.

"Bitcoin rainbow chart shows some beautiful things. First of all, the previous top should have been way higher as it didn't get into extreme territory. Secondly, the longer the chart lasts, the higher the tops will be. If we get a bull to 2026, a target of $500,000 isn't bad."

Next up, the analyst suggests Bitcoin has likely hit its near-term peak already due to the hawkish outlook announced this week by the Fed. However, he says altcoins may start to rip.

"When it comes to the Bitcoin price action, I think we've sealed the high for now. The good part: altcoins are ready to fire off when the labor market data is going to be worse, as that's going to provide a substantial correction on the Yields. Finally, the chances of a longer cycle for crypto have significantly increased."

Lastly, he predicts that the crypto bull market is far from over.

"Altcoins are dead. That's what you hear. Let me tell you: they are not. This cycle isn't. There's so much more to come, but this cycle will be full of surprises. A longer cycle, with higher returns, for patient participants."

Bitcoin is trading for $97,094 at time of writing, down 3.4% in the last 24 hours.