In a recent YouTube video, cryptocurrency analyst George from the CryptosRUs channel shared his bullish Bitcoin price prediction. He believes Bitcoin is poised to continue its upward trajectory based on improving fundamentals and favorable market conditions.
In particular, George cited analysis from Standard Chartered Bank, which has annual revenues of more than $500 billion. Their analysts predict that Bitcoin will reach $120,000 by 2024 for two main reasons. One is a supply shock from Bitcoin (BTC) miners holding more coins after the halving and an increase in demand due to the acceptance of spot Bitcoin ETFs.
It always comes down to supply and demand, supply and demand. Yes? And as demand continues to grow, spot Bitcoin ETFs will bring in more demand, and Bitcoin supply will continue to decline.
The cryptocurrency analyst points to a chart showing Bitcoin’s recent 33-day uptrend, with higher highs and higher lows. He said there was a “75%” chance that Bitcoin would end up between $40,000 and $45,000 in 2023, and that the current small downtrend was just “moving as planned.”
Other positive indicators highlighted by George include the parabolic indicator flipping green just before the previous Bitcoin rally, an all-time high in addresses holding the Bitcoin minimum threshold, and a surge in open interest in Bitcoin futures and options. There is this.
I don’t know how anyone can be bearish.