A widely-followed trader and crypto strategist remains long-term bullish on Bitcoin as he says the leading cryptocurrency could pull off a massive 650% increase.
The pseudonymous trader known as Jack Sparrow explains to his 96,300 followers why he believes Bitcoin can potentially rise to as high as $300,000.
“$300,000 Bitcoin is hard to fathom for people, but put in perspective not so much. If store of value/money is a winner takes all proposition and Bitcoin wins, it really is just a matter of time. $300,000 is like only half the gold market cap. It’s conservative (but consider timeline).”
In the near-term, the trader says BTC could rally over 26% even after the dominant crypto asset printed a new all-time high of $41,941, according to CoinMarketCap.
“Bullish continuation of Chop Suey Channel resolves in the next pump to $43,000 and $54,000 in my opinion.”
The trader is looking at one key technical indicator which he says is powering BTC’s monster rally.
“Study the spot volume. It’s brutal. It is clear this rally has incredible power. We’re not done. Buy dips and breakouts… The bid is relentless lol…
Retail isn’t here. Old retail got rekt on leverage and funds are only interested in spot, is my take.”
Although the crypto strategist is bullish on Bitcoin, he believes that the largest crypto asset would be due for a 33% correction after it hits his target of $54,000.
“Less than 3% to target 1.”
As for altcoins, Jack says they will continue to rally in the short term regardless of their inherent fundamental value due to the sheer amount of capital entering the space.
“This is the moment in the market everything pumps just because it has liquidity.
Rationales about what a token does or what is a fair price no longer matter. Stocks been doing it, now crypto Does it have plenty liquidity? Yes? Pump it to buy more until the curtain closes.”
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