Analyst from InvestAnswers predicts a Bitcoin price surge potentially reaching $160,000 in coming weeks. He cites key metrics aligning with Bitcoin’s market behaviour, noting significant accumulation by larger holders. Meanwhile, smaller investors are mostly selling off. Current price stands at $97,044 with indicators suggesting ongoing bullish trends.
A leading market analyst suggests that Bitcoin’s bullish trajectory might just be beginning. In a recent update to his 565,000 YouTube subscribers, the host of InvestAnswers optimistically projected potential price targets for Bitcoin, forecasting a price surge possibly reaching $160,000. He attributes this assessment to key metrics, including the global M2 money supply, which has seen Bitcoin’s price track closely alongside it.
He noted the M2 money supply indicated a significant correlation with Bitcoin prices. “We’re not certain how high it can go, but expectations range anywhere from $120,000 to $160,000. We’ll have to remain patient, perhaps until June or July,” he mentioned. This insight suggests a well-researched perspective that hints at bullish movements for Bitcoin in the near future.
Moreover, the analyst highlighted trends in Bitcoin ownership, pointing out that those dubbed as whales—individuals or entities holding over 10,000 BTC—are accumulating at a notable pace. “The data shows that whales have been stacking Bitcoin consistently at a rate of about 0.95. Other cohorts are also increasing their holdings, particularly those with 1,000 to 10,000 BTC, seeing a rise of roughly 0.9,” he explained.
Attention was drawn to the 100 to 1,000 Bitcoin holders, whom he described as crucial market players, claiming this group holds more Bitcoin than any other. Meanwhile, those with 10 to 100 BTC are also starting to increase their holdings, albeit at a lower rate of 0.6. However, he expressed concern for smaller investors, noting a trend of distribution among those with less than 10 BTC as they appear to be selling off their holdings.
The analyst proceeded to discuss his Top and Bottom Indicator (TABI)—a tool intended to gauge market extremes and predicted movements for Bitcoin. He revealed, “Currently, we’re in a yellow phase, indicating a middle ground. For Bitcoin to continue rising, we should transition into a darker yellow, then orange, and finally red phases as it moves towards nearing a peak. It’s safe to say this bullish run isn’t over just yet.”
As of now, Bitcoin is holding steady at approximately $97,044, unchanged on the day. Overall, the ongoing accumulation by larger holders, combined with indicators suggesting further upward movement, paints a promising picture for the flagship digital currency.
As Bitcoin continues to navigate its market dynamics, investors are reminded to conduct their own diligent research before making any significant investment decisions in cryptocurrencies or digital assets. The Daily Hodl maintains a neutral stance, highlighting that investment responsibility lies with the investor.
In conclusion, while the market remains volatile, the indications are that we might just be on the brink of a significant Bitcoin movement in the weeks ahead.
