"Bitcoin goes to $500,000... violent correction is a buying opportunity"

Renowned crypto analyst Michael Vande Pope says it's "definitely possible" that bitcoin will reach $500,000 in the long term and will use the correction as a buying opportunity. "It is definitely possible that the price of bitcoin will reach $500,000 in the long term," Michael Vande Pope said in an X (Twitter) post, according to NewsBTC on Nov. 21 (local time). "The positive sentiment is good for bitcoin," he explained. He noted that on the way to $500,000 "corrections happen, and they will be violent". However, he stressed that investors should not be discouraged by the coming correction. In particular, if bitcoin corrects by 20% or more, it should be used as a "huge buying opportunity," he said. Michael Saylor's Microstrategy continues to buy bitcoin even as it falls, and currently holds 1% of the bitcoin supply in circulation. Another anonymous crypto analyst (Bitcoin Munger) also weighed in, offering a $500,000 price target for bitcoin. Unlike Michael Vande Pope, who did not provide a specific timeline, he suggested that this price could be reached by mid-2025. He noted that there will be many long and scary declines.