A closely followed crypto analyst says long-term holders are nearly done selling off Bitcoin, setting BTC up for a series of rallies.
In a new video update, the host of InvestAnswers tells his 560,000 YouTube subscribers that Bitcoin could potentially increase more than 66% from its current value as those who have held their BTC for 155 days or longer are about 70% done selling.
Amid the decline in selling pressure, he says that if Michael Saylor’s MicroStrategy and the spot Bitcoin exchange-traded funds (ETF) purchased an additional $82 million worth of BTC combined the flagship digital asset could hit $175,000 per coin.
“The question I had is, What would it take, how much money would it take to get to $175,000? Well, if Saylor spends another $40 billion, and the ETFs spend another $40 billion, call it $82 billion, the increase in Bitcoin’s market cap will be, based on the multiplier, $1.34 trillion, which would take the total Bitcoin market cap to $3.44 trillion, which, divided by 19.7 million Bitcoin will be $175,000…
I still do believe the American ETFs will do at least $40 billion, and I think Saylor will do at least $40 billion. So that’s coming…
Just these two players alone, if they continue to do what they did last year, and the selling is the same level of selling we have now, which I don’t think they’ll repeat, it’ll be less because they’re 70% done, I think it’s theoretically possible get to $175,000.”
Bitcoin is trading for $105,054 at time of writing.
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