A closely followed crypto analyst is expressing bullish sentiment toward Bitcoin (BTC) amid a bounce in the market.
In a new video update, the host of InvestAnswers tells his 472,000 YouTube subscribers that the crypto king could surge by up to 190% from its current level in less than six months.
“By my estimates… We are 165 days away from either an $80,000 Bitcoin or $130,000 Bitcoin, somewhere in between, by July 16th 2024. Assuming history, assuming math, assuming supply, assuming money flows.”
The analyst also says that based on history, Bitcoin experiences the most significant price movements three months before its halving and three months after it – then remains relatively sideways afterwards.
“All the action, all the action for Bitcoin happens 90 days before the halving which is the zone we are in now to 90 days after. After that, relatively flat.”
BTC’s halving is slated for April and will see miners’ rewards cut in half.
According to the host, the demand for Bitcoin from spot ETF providers far outstrips the amount of BTC being mined, leading him to be bullish toward the top crypto asset by market cap.
“There is way more demand even if we take a quarter of what happened over the last 18 days. That’s still nearly five times what’s produced by miners and that assumes miners will sell every single Bitcoin they have in real time, which is not theoretical. That also assumes nobody else will buy any Bitcoin. That’s why I’m bullish.”
Bitcoin is trading at $44,802 at time of writing, a 3.87% gain during the last 24 hours.