Bitcoin at 1 million dollars? Van de Poppe compares rally to the Internet bubble

Famous crypto analyst Michaël van de Poppe has reignited the debate over a potential historic rally for Bitcoin (BTC), evoking a scenario where the price could reach 1 million dollars by the end of the current cycle. This prediction, comparing current dynamics to the Internet bubble of the 1990s, comes as the crypto-asset market remains marked by high volatility and growing institutional interest, despite still uncertain macroeconomic indicators. Context Michaël van de Poppe, an influential figure in crypto analysis, is known for his bold positions, such as his call for Bitcoin to reach 100,000 dollars in 2021. This time, he draws historical parallels with the dot-com bubble (1995–2000), a period when companies like Amazon (AMZN) saw their valuations soar before a brutal crash. His analysis comes in a context where hedge funds and Bitcoin ETFs, launched in January 2024, are playing an increasing role in market liquidity. Yet, despite these bullish signals, BTC is trading around 68,500 dollars (according to BeInCrypto internal data), far from the mentioned peaks, while altcoins like STRK or AERO show contrasting performances. The market remains divided: on one side, institutional purchases (such as those by Strive Inc., which holds 35,595 BTC for 515 million dollars) support the thesis of growing adoption; on the other, fears of a speculative bubble persist, fueled by high interest rates (the latest CPI standing at 3.7% in September 2026) and mixed reactions among traders. According to CryptoScore Pro data as of October 18, 2026, Bitcoin shows a score of 87/100, reflecting relative strength but persistent volatility. The facts In an analysis published on BeInCrypto, Michaël van de Poppe argues that Bitcoin could reach 1 million dollars by the end of the current cycle, based on comparisons with the Internet bubble. Here are the key elements of his thesis: Historical Parallel : Van de Poppe compares the current situation to that of 1999–2000, where stocks like Amazon or Tesla experienced excessive valuations before a collapse. He emphasizes that Bitcoin ETFs, such as those launched in 2024, could play a similar role to the hedge funds of that era. On-chain Data : Bitcoin's hashrate, close to its all-time high (290 EH/s), indicates miner resilience despite the price drop, a sign of long-term confidence according to the analyst. Transaction fees remain stable (0.301 sat/vB), suggesting moderate network congestion. Market Reactions : Van de Poppe's post generated over 5,000 interactions on Twitter/X in 24 hours, with 30% positive reactions and 45% skeptics. Some traders warn of a scenario similar to 2021, where BTC fell by 69% after its all-time high. CryptoScore Pro data as of October 18, 2026, reveal contrasting performances: Bitcoin (BTC): 82,040 dollars (-1.89% over 7 days), market cap of 1,650 billion dollars, 24h volume of 20.09 billion dollars. Ethereum (ETH): 2,406.33 dollars (-5.01% over 7 days), market cap of 293.91 billion dollars. Starknet (STRK): 0.06049 dollar (-49.33% over 7 days), market cap of 459.18 million dollars. Aerodrome Finance (AERO): 0.7984 dollar (-15.09% over 7 days), market cap of 801.35 million dollars. Several elements remain undisclosed: van de Poppe does not specify the support or resistance levels on which he bases his prediction, nor the exact methodologies used to establish this scenario. Furthermore, data from BeInCrypto and CryptoScore Pro diverge slightly on the BTC price (68,500 dollars according to BeInCrypto, 82,040 dollars according to CryptoScore Pro), reflecting intraday variations. Understanding the key notions The speculative bubble and the hype cycle A speculative bubble refers to a situation where the price of an asset deviates sustainably from its fundamental value, driven by investor enthusiasm rather than economic fundamentals. The hype cycle, theorized by economists such as Hyman Minsky, describes a multi-phase dynamic: first, an innovation or increasing adoption (such as Bitcoin ETFs), then a speculation phase where prices soar, before a collapse when investors realize that valuations are excessive. The example of the dot-coms illustrates this mechanism: companies like Amazon saw their share prices multiply by 100 before crashing by 90% in 2000. Hashrate and the security of the Bitcoin network Hashrate measures the total computing power deployed by miners to validate transactions and secure the Bitcoin network. A high hashrate (such as the current 290 EH/s) indicates strong miner participation, which strengthens the network's resistance to attacks and signals long-term confidence. Conversely, a drop in hashrate can reflect a disengagement of miners, often linked to declining profitability. For example, during the 2024 halving , some miners had temporarily reduced their activity due to the decrease in rewards. Bitcoin ETFs and institutional adoption A Bitcoin ETF (exchange-traded fund) allows investors to expose their portfolio to BTC without directly holding the asset, via regulated products. Launched in January 2024, these ETFs have attracted billions of dollars in institutional investments, such as those from BlackRock or Fidelity. Their success reflects the growing adoption of crypto-assets by traditional players, but they also introduce a dependence on capital flows: a massive exit from ETFs could trigger a sharp correction, as observed in September 2026 after the latest inflation report. The risk/reward ratio and liquidity The risk/reward ratio evaluates the potential gain of an asset relative to its risk of loss. In the case of crypto-assets, this ratio is often high due to their volatility: an asset like Bitcoin can offer exceptional returns (such as +1,000% in 2020–2021), but also brutal corrections (-70% in 2022). Liquidity, for its part, measures the ease with which an asset can be bought or sold without affecting its price. A liquid market (such as that of BTC, with 20 billion dollars in 24h volume) allows for rapid…