Bullish Bitcoin Price Predictions
In a recent YouTube video, George, the crypto analyst behind the CryptosRUs channel, shared his optimistic outlook on Bitcoin’s price. He believes that Bitcoin will continue to rise due to improving fundamentals and favorable market conditions.
Standard Chartered Bank Analysis
George cited an analysis from Standard Chartered Bank, a financial institution with over $500 billion in annual revenue. The bank’s analysts predict that Bitcoin will reach $120,000 by 2024. They base this prediction on two factors: supply shocks caused by Bitcoin miners holding more coins after the halving event and increased demand from the approval of spot Bitcoin ETFs.
Supply and Demand Dynamics
The analyst emphasizes the importance of supply and demand in driving Bitcoin’s price. He explains that as demand continues to rise, the approval of spot Bitcoin ETFs will further increase demand. Meanwhile, the supply of Bitcoin keeps decreasing.
Predicting Bitcoin’s End-of-Year Price
Based on charts showing Bitcoin’s recent upward trend and formation of higher highs and higher lows over a 33-day period, George predicts that there is a “75% probability” that Bitcoin will end 2022 between $40,000 and $45,000. He considers the current minor pullback as part of the expected movement.
Positive Metrics
The crypto analyst highlights several positive metrics supporting his bullish stance on Bitcoin. These include a parabolic indicator turning green before previous rallies, all-time highs in addresses holding the minimum threshold of Bitcoin, and a significant increase in open interest in Bitcoin futures and options.
Hot Take: Strong Confidence in Bullish Outlook
George expresses strong confidence in his bullish outlook on Bitcoin. He believes that with the combination of improving fundamentals, favorable market conditions, and positive metrics, it is difficult for anyone to be bearish about Bitcoin’s future.
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