Bitcoin Analyst Predicts the End of Sub-$40,000 Bitcoin
A popular crypto analyst, known for his bullish stance on Bitcoin and the stock-to-flow model, has reiterated his optimistic long-term outlook for the cryptocurrency. According to him, we may be witnessing the final days of Bitcoin below $40,000.
Enjoy Sub-$40,000 Bitcoin While It Lasts
Bitcoin has been outperforming other asset classes in terms of price performance this year. With a growth rate of over 125% so far, many analysts believe that this upward trend will continue.
The analyst in question shares this bullish sentiment and suggests that now might be the last opportunity to buy Bitcoin under $40,000. He argues that the realized price of Bitcoin, which represents the average price of all currently circulating coins, is a better indicator of its value than the current market price.
Last Chance To Buy Bitcoin
At present, Bitcoin is trading at $37,687 while its realized price is around $21,000. The analyst predicts that during the next halving cycle, Bitcoin could trade between $100,000 and $1 million. He also refers to a previous prediction he made that put Bitcoin’s price between $32,000 and $66,000 during the upcoming halving in April 2024.
The overall sentiment around Bitcoin aligns with this prediction as mainstream adoption continues to grow. Additionally, there is increasing anticipation for the approval of spot Bitcoin ETFs in the US. Institutional inflows into Bitcoin investment products have reached $1.238 billion year-to-date.
Institutions Buying into Grayscale’s Bitcoin Trust
The discount on Grayscale’s Bitcoin Trust has decreased from -48% at the beginning of the year to -7.31% currently. This suggests that institutions are buying into the trust, indicating a growing bullish momentum. If the discount turns positive, it would surpass the spot price of Bitcoin for the first time since Q1 2021.
Hot Take: Bitcoin Bulls Remain Optimistic
The crypto analyst’s positive outlook on Bitcoin, along with increasing institutional interest and mainstream adoption, suggests that the cryptocurrency’s future remains bright. With the potential for significant price increases in the coming years, now may be a good time to consider investing in Bitcoin.
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