Analyst believes Bitcoin to go ‘parabolic’ soon
In a recent YouTube video, George, the crypto analyst behind the CryptosRUs channel shared his bullish Bitcoin price predictions. He believes Bitcoin is poised to continue trending upwards based on improving fundamentals and favorable market conditions.
Specifically, George cited an analysis from Standard Chartered Bank, which has over $500 billion in annual revenue. Their analysts predicted Bitcoin reaching $120,000 by 2024 for two key reasons — supply shocks from Bitcoin (BTC) miners holding more coins post-halving and increased demand from spot Bitcoin ETF approvals.
It always comes down to supply and demand, supply and demand, right? And demand keeps on going up, spot Bitcoin ETFs will bring more demand, and then supply for Bitcoin keeps going down.
The crypto analyst points to charts showing Bitcoin’s recent 33-day uptrend and forming higher highs and higher lows. He gives a “75% probability” that Bitcoin ends 2023 between $40,000 and $45,000, calling the current minor pullback just “moving according to plan.”
Other positive metrics George highlighted include a parabolic indicator flipping green right before previous Bitcoin rallies, all-time highs in addresses holding the minimum threshold of Bitcoin, and surging open interest in Bitcoin futures and options.
I don’t know how anyone can be bearish.
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