A widely followed analyst and trader says Bitcoin (BTC<\/a>) will likely reach a new all-time high (ATH) faster than most are expecting.<\/p>\n The analyst pseudonymously known as The Flow Horse tells<\/a> his 189,500 followers on the social media platform X that Bitcoin will likely remain in an uptrend and soon surpass the prior high of about $69,000.<\/p>\n \u201cMight be bold to say this, but Bitcoin is going to ATHs faster than you planned.<\/em><\/p>\n As soon as this market has its footing above the halfway point between prior ATH and the corresponding bear market lows, it\u2019s just a one-way trip. <\/em><\/p>\n Simple reasoning: It\u2019s more than halfway there, it can go all the way.\u201d <\/em><\/p>\n The trader also notices<\/a> a deep-pocketed investor just took out a massive long position, betting that Bitcoin remains bullish.<\/p>\n He believes that increasing talk of sovereign wealth funds potentially considering the top digital asset by market cap may have something to do with BTC\u2019s strength, not just the expected approval of spot market Bitcoin exchange-traded fund (ETF).<\/p>\n \u201cWhoever opened up $200 million in BTC leverage longs on Bitmex is doing quite well still, and at no risk right now clearly. Up $20 million on just the futs (futures) alone, minus the coin to put up margin. Quite bold actually. Is there something more than the ETF? Sovereign wealth conversation is picking up again.\u201d<\/em><\/p>\n Fellow on-chain analyst PlanB also recently said<\/a> he believes that Bitcoin will likely reach much higher levels faster than most analysts have been predicting.<\/p>\n Based on his stock-to-flow (S2F) model for Bitcoin, which aims to forecast the longer-term market cycles based on BTC\u2019s halvings when miners\u2019 rewards are cut in half, PlanB said that the king crypto could soon soar to $60,000.<\/p>\n \u201cAfter those halvings, the Bitcoin price goes up\u2026 That is what I expect to happen in April 2024, again. The price will rise fast towards this new line at $532,000 BTC\u2026 It wouldn\u2019t surprise me if we just slowly increase towards the model value of $55,000 \u2013 $60,000.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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