Bitcoin (BTC) has become a hot topic once again, breaking the all-time price record and rising above $70,000.
Following this remarkable success, long-time Bitcoin analyst Tuur Demeester shared the latest details on his outlook for BTC.
Evaluating Bitcoin's journey, Demeester recalled when Bitcoin first reached $1,200 in early 2017. “It was difficult for people to understand that Bitcoin could be traded in the thousands,” the analyst says. According to Demeester, many investors at the time took significant profit-taking, but later regretted it as the value of Bitcoin continued to rise.
Demeester predicts that as the Bitcoin price approaches and exceeds $100,000, we will encounter a problem similar to that period. According to the analyst, the psychological barrier created by such a high value can lead to a profit-taking wave, causing fluctuation in the market.
However, Demeester remains optimistic about Bitcoin's future. “I think we are preparing for an epic bull market in Bitcoin,” he says. The analyst draws parallels with the most aggressive cycles in the past, particularly those in 2012 and 2015. According to the analyst, during this period, Bitcoin experienced very little price decline, similar to past cycles, which indicates that the supply was low and the declines in price were purchased aggressively by investors.
*This is not investment advice.