A widely followed analyst and trader says Bitcoin (BTC) will likely reach a new all-time high (ATH) faster than most are expecting.
The analyst pseudonymously known as The Flow Horse tells his 189,500 followers on the social media platform X that Bitcoin will likely remain in an uptrend and soon surpass the prior high of about $69,000.
“Might be bold to say this, but Bitcoin is going to ATHs faster than you planned.
As soon as this market has its footing above the halfway point between prior ATH and the corresponding bear market lows, it’s just a one-way trip.
Simple reasoning: It’s more than halfway there, it can go all the way.”
The trader also notices a deep-pocketed investor just took out a massive long position, betting that Bitcoin remains bullish.
He believes that increasing talk of sovereign wealth funds potentially considering the top digital asset by market cap may have something to do with BTC’s strength, not just the expected approval of spot market Bitcoin exchange-traded fund (ETF).
“Whoever opened up $200 million in BTC leverage longs on Bitmex is doing quite well still, and at no risk right now clearly. Up $20 million on just the futs (futures) alone, minus the coin to put up margin. Quite bold actually. Is there something more than the ETF? Sovereign wealth conversation is picking up again.”
Fellow on-chain analyst PlanB also recently said he believes that Bitcoin will likely reach much higher levels faster than most analysts have been predicting.
Based on his stock-to-flow (S2F) model for Bitcoin, which aims to forecast the longer-term market cycles based on BTC’s halvings when miners’ rewards are cut in half, PlanB said that the king crypto could soon soar to $60,000.
“After those halvings, the Bitcoin price goes up… That is what I expect to happen in April 2024, again. The price will rise fast towards this new line at $532,000 BTC… It wouldn’t surprise me if we just slowly increase towards the model value of $55,000 – $60,000.”
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Featured Image: Shutterstock/Yurchanka Siarhei/Panuwatccn
