Bitcoin Expected to Reach New All-Time Highs Faster Than Expected, Says Analyst
A popular analyst known as The Flow Horse predicts that Bitcoin (BTC) will surpass its previous all-time high (ATH) of $69,000 at a faster rate than anticipated. The analyst believes that once the market stabilizes above the halfway point between the ATH and the corresponding bear market lows, Bitcoin will experience an unstoppable upward trend. This is because it has already crossed more than half of the distance to its previous ATH.
The Flow Horse also notes that a wealthy investor has taken a significant long position in Bitcoin, indicating confidence in its bullish trajectory. In addition to the expected approval of a spot market Bitcoin exchange-traded fund (ETF), the analyst suggests that talk of sovereign wealth funds considering Bitcoin as an investment may be contributing to its strength.
Another on-chain analyst, PlanB, also shares a similar outlook for Bitcoin’s price. Based on his stock-to-flow (S2F) model, which predicts market cycles based on BTC’s halvings, PlanB expects Bitcoin to reach $60,000 soon.
According to PlanB, after each halving event, the price of Bitcoin tends to rise rapidly. He anticipates this pattern to continue in April 2024, with the price potentially soaring towards $532,000 BTC. In the short term, PlanB expects Bitcoin to gradually increase towards a value of $55,000 – $60,000.
Hot Take: Bitcoin’s Bullish Momentum Set to Continue
Both The Flow Horse and PlanB are optimistic about Bitcoin’s future price performance. With increasing institutional interest, the potential approval of a Bitcoin ETF, and the possibility of sovereign wealth funds entering the market, Bitcoin is expected to reach new all-time highs faster than expected. Investors and traders should keep a close eye on these developments as they may have a significant impact on the cryptocurrency’s value in the coming months.
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