A closely watched crypto analyst expresses bullish sentiment towards Bitcoin (BTC) amid a market upturn.
In a new video update, the host of InvestAnswers tells According to its 472,000 YouTube subscribers, the crypto king could rise 190% from its current levels in less than six months.
“By my estimates… we are 165 days away from an $80,000 Bitcoin or $130,000 Bitcoin, somewhere in between, on July 16, 2024. Based on history, based on math, based on supply, based on money flows.”
The analyst also says that based on history, Bitcoin experiences its most significant price movements three months before the halving and three months after – and remains relatively sideways afterward.
“All the action, all the action for Bitcoin is happening 90 days before the halving, which is the zone we’re in now until 90 days after. Then relatively flat.”
The BTC halving is scheduled for April and will result in miners’ rewards being halved.
According to the host, demand for Bitcoin from spot ETF providers far exceeds the amount of BTC being mined, making him bullish on the top crypto assets by market cap.
“There is much more demand, even if we take a quarter of what happened in the last eighteen days. That’s still almost five times what miners produce, and that assumes miners will sell every Bitcoin they have in real time, which isn’t theoretical. That also assumes that no one else will buy Bitcoin. That’s why I’m optimistic.”
Bitcoin is trading at $44,802 at the time of writing, a gain of 3.87% over the past 24 hours.
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