Analyst Brian Jung predicts that Bitcoin will attain an all-time excessive quickly, which might set off a surge in altcoin costs. In response to Jung, the current efficiency of the S&P 500, which has been hitting new all-time highs, suggests a constructive correlation between the inventory market and cryptocurrencies. He believes that as extra buyers enter the inventory market searching for increased returns, they could additionally flip to cryptocurrencies, driving up costs.
Jung notes that Bitcoin is at the moment simply $200 billion away from its earlier all-time excessive market cap. He highlights the numerous inflows of institutional cash into Bitcoin, estimating that establishments are accumulating Bitcoin at a fee of $4 to six billion each day.
The analyst stated that Bitcoin is accrued at a fee of $4 to $6 billion each day in new inflows. Performing some fundamental math primarily based on provide and demand economics, if Bitcoin features $5 billion a day in influx, it might take simply 40 buying and selling days to attain a $200 billion enhance in market cap. Even when the inflows decelerate dramatically to $2.5 billion each day, it might nonetheless attain Bitcoin’s earlier market cap in 80 days, doubtlessly driving the worth over $69,000.
He believes Bitcoin will attain a brand new all-time excessive round April 1st, though he acknowledges the unpredictability of the market. Moreover, he famous that the promoting stress on Bitcoin from GBTC has diminished, and FTX holders receiving USD credit could reinvest available in the market.
Contemplating numerous elements aligning for April, such because the Bitcoin halving, he suggests being ready for potential volatility and a selloff. He anticipates a possible peak for Bitcoin between $70,000 and $74,000 earlier than one other selloff, with the potential for surpassing $100,000 and even $200,000 sooner or later.