A widely followed analyst says Bitcoin (BTC) may have an explosive breakout in the coming weeks.
In a new video, the host of InvestAnswers tells his 565,000 YouTube subscribers that key metrics suggest Bitcoin’s bull market is not over and BTC may soon hit $160,000.
[adinserter block="1"]The analyst uses the global M2 money supply – which measures the amount of money flowing throughout the financial system – to forecast potential price targets for Bitcoin.
“You can see the yellow line is the global M2 money supply. Bitcoin price is following it almost picture perfectly. How high will it go? We are not sure, but estimates are at least $120,000, maybe $160,000. We shall see. But good things are ahead. We might need to be a bit patient, wait out till June, July.”
He also says that the buying trends among different Bitcoin holder cohorts indicate that whales are accumulating the flagship digital asset at a greater rate than others.
Look at the accumulation. It’s spreading top-down as well…
The whales, [those with] greater than 10,000 Bitcoin have been at peak accumulation for quite some time now, around 0.95.
The 1,000 to 10,000 whales, and the 100 to 1,000 Bitcoin cohorts are up about 0.9. They keep on stacking.
I talked a lot about that 100 to 1,000 cohort. They are critical to watch. They are now the money players. They hold more Bitcoin than anybody else, any other cohort.
And then you got the 10 to 100 Bitcoin holders who are pivoting towards 0.6. They’re beginning to stack. And sadly, everybody with less than 10 Bitcoin has continued to distribute. Okay, the small players are selling.”
Lastly, he says that his Top and Bottom Indicator (TABI), which draws on multiple metrics in an effort to predict market peaks and bottoms, indicates Bitcoin may head higher.
“Now let’s talk about the Top and Bottom Indicator. This tells us when we are getting overheated or not for Bitcoin…
We are still yellow. We are still middle of the road. We need to, after this yellow phase, go dark yellow, then orange and then red.
We are right bang in the middle with a slight little yellow uptick right now again, beginning to get overheated. But this is where we are, everybody, this bull run is not over.”
Bitcoin is trading for $97,044 at time of writing, flat on the day.
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