Andrew Kang, a well-known analyst and trader in the cryptocurrency world, recently shared his views on the future course of Bitcoin.
“I expect Bitcoin to reach $80,000 by May,” Kang said, expressing a bullish outlook for the world's largest cryptocurrency. Kang believes that the journey from 80 thousand dollars to 100 thousand dollars will be difficult and there will be a significant supply.
However, Kang also noted that asset and wealth manager sales teams are expected to get permission to sell ETFs aggressively very soon. This could clear the supply in as little as a month or as long as three months.
Kang's prediction is not limited to 100 thousand dollars. Kang believes that Bitcoin will experience another significant rise once the $100,000 barrier is crossed. “Who waits until $110,000, $115,000, $120,000 to sell?” Kang questioned this, implying that the psychological impact of breaking the $100,000 barrier could lead to supply shortages and subsequent price increases.
Kang also emphasized the change in market dynamics. “We are no longer in a period where individual institutions are ‘pushing up’ Bitcoin,” he explained. Instead, the upward movement will be driven by aggregate Dollar-Cost Averaging (DCA) purchases by millions of unique individuals and organizations in more than 100 countries.
*This is not investment advice.