Senior analyst James Van Straten, one of the closely followed names in the cryptocurrency markets, made striking assessments about the future of Bitcoin.
Straten stated that when Bitcoin first reached the $10,000 level, he thought that reaching $100,000 would cause great chaos on a global scale, but such a situation did not occur.
“When Bitcoin first reached $10,000, $100,000, I thought the world would be thrown into chaos due to liquidity and inflation pressures. But nobody cared,” Straten said, adding that gold’s doubling in 18 months to $3,300 similarly did not resonate with the public.
Stating that this situation shows that Bitcoin can reach much higher levels, Straten said, “People will only react to this when levels of 250 thousand, 500 thousand or even 1 million dollars are seen.”
On the other hand, blockchain analysis firm Santiment also drew attention to the institutional activity in the Bitcoin market. According to the company's data, wallets holding between 10 and 10,000 BTC, that is, Bitcoin's key holders, hold 67.77% of the total supply.
According to Santiment’s analysis, these large wallets continue to accumulate despite the volatility in April. A total of more than 53,600 BTC have been added to these wallets since March 22.
*This is not investment advice.
