Analyst Unveils New All-Time High Price Target for Bitcoin This Month, Says New Bubble Brewing in Crypto – Crypto News – Crypto News
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Analyst Unveils New All-Time High Price Target for Bitcoin This Month, Says New Bubble Brewing in Crypto – Crypto News

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7 months ago

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An analyst who accurately called the November 2021 crypto bull cycle top is predicting fresh record highs for Bitcoin (BTC) this month.

Pseudonymous analyst Pentoshi tells his 866,100 followers on the social media platform X that Bitcoin’s weekly chart shows that BTC demand is significantly outpacing supply, resulting to higher prices.

The trader says he seeing “insatiable” demand for Bitcoin from firms in the traditional finance (TradFi) world, leading him to believe that bullish continuation is on the table for BTC.

“Demand > supply

A picture is worth 1,000 words

Feel like we see around $120,000 this month.” 

Source: Pentoshi/X

The analyst also tells his followers to remain patient and have a long-term outlook on the crypto king.

“Everyday:

‘If there’s billions of dollars flowing into BTC, why is it not going up?’

My brother in Christ,

Zoom out.

It’s going to get there, just maybe not always at the speed you want.” 

At time of writing, Bitcoin is trading for $105,536.

Looking at the broader crypto market, Pentoshi says a new bubble is forming in the space.

“Looks like all the money is going to be made in crypto companies doing IPOs (initial public offering) at wild valuations

Deeper pockets, more liquidity, higher valuations

Another bubble is brewing, another bubble to chase.”

Pentoshi’s bubble call comes after shares of the stablecoin issuer Circle (CRCL) meteorically rose on the first day of trading. Circle debuted on the stock market on Thursday with an opening price of $69 per share, a massive increase from the IPO value of $31.00 per share.

As of Friday’s close, CRCL is worth $107.70.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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