While Bitcoin, the leading cryptocurrency, has been consolidating at $ 29,000 for a while, investors continue to be uneasy about which direction BTC will go.
Because although technical indicators in BTC say that we are in a bull market, the decreases experienced by Bitcoin scare investors that there may be more decreases.
However, a positive comment came from the Bloomberg analyst for BTC. Former Ark Invest analyst Chris Burniske wrote in his post that Bloomberg analyst Jamie Coutts said that the bull in Bitcoin is in its first phase.
Stating that large investors are already accumulating BTC, Jamie Coutts said that this is consistent with the early bull phase.
Bloomberg analyst, who also made BTC price predictions during the early bull period, stated that according to price models, he expects the price of Bitcoin to rise to $39,000 in the fourth quarter of 2023 and to $92,000 in the last quarter of 2025.
“Right now, while new investors are inactive, the old is accumulating Bitcoin at a massive pace, with investors holding 74.8% of the entire supply.
This is consistent with an early-stage bull market. Also, 30% of BTC has been stored in cold wallets since 2020.
Bitcoin seems to be quite valuable given the number of active assets on the network.
Our simplified price/cycle model predicts BTC to hit $39,000 in the fourth quarter of 2023 and $92,000 in the fourth quarter of 2025.”
Finally, the analyst stated that there has been a serious increase in on-chain movements. Accordingly, stating that BRC-20 tokens have a positive effect on the Bitcoin network, the analyst drew attention to the fact that the average number of 100 thousand transactions per day in the Bitcoin network in 2021/2022 increased 4 times.
"Currently, tourists are inactive while residents are accumulating swiftly, owning 74.8% of all supply.
That's consistent with an early-stage bull market. Thirty percent of $BTC has left for cold storage since
2020, leaving exchanges with 2.26 million." –@Jamie1Coutts pic.twitter.com/yPgBcTl4mN— Chris Burniske (@cburniske) August 7, 2023
*Not investment advice.
