A widely followed analyst and trader says Bitcoin (BTC) will likely reach a new all-time high (ATH) sooner than most expect.
The Analyst, pseudonymously known as The Flow Horse tells his 189,500 followers on the social media platform
“Maybe bold to say this, but Bitcoin is going to ATHs faster than you planned.
Once this market moves above the midpoint between the prior ATH and the corresponding bear market lows, it’s just a one-way trip.
Simple reasoning: it’s more than half way, it can go all the way.”
The trader too notices a deep-pocketed investor just took a huge long position, betting that Bitcoin remains bullish.
He believes that the increasing talk of sovereign wealth funds potentially being seen as the most important digital assets by market capitalization could have something to do with the strength of BTC, and not just the expected approval of the Bitcoin Exchange Traded Fund (ETF) on the spot market.
“Whoever opened $200 million in BTC leveraged longs on Bitmex is still doing quite well and is clearly not at risk at this point. A $20 million increase on the futs alone, minus the currency to set up the margin. Quite daring actually. Is there anything more than the ETF? The conversation about sovereign wealth is increasing again.”
Fellow on-chain analyst PlanB also recently said he believes Bitcoin is likely to reach much higher levels sooner than most analysts predicted.
Based on its stock-to-flow (S2F) model for Bitcoin, which aims to predict longer-term market cycles based on BTC halving when miner rewards are halved, PlanB said the king crypto will soon move to $60,000 could rise.
“After those halvings, the Bitcoin price goes up… That’s what I expect to happen again in April 2024. The price will quickly rise towards this new line of $532,000 BTC… I wouldn’t be surprised if we slowly rise towards the model value of $55,000 – $60,000.”
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Featured image: Shutterstock/Yurchanka Siarhei/Panuwatccn