A famous cryptocurrency analyst has stirred excitement among investors by predicting a potentially colossal surge in the price of Bitcoin ($BTC). The analysis, backed by data from on-chain analytics firm Glassnode, suggests that the current calm in the market may be a precursor to a significant price explosion.
The host of the YouTube channel InvestAnswers, with nearly 446,000 subscribers, recently shared his insights in a video, urging his audience to exercise patience during this period of low volatility. He emphasized that low volatility in Bitcoin’s history has often been a harbinger of significant price runs, dispelling the notion that tranquillity equates to stagnancy.
According to the analyst, Bitcoin’s present volatility is the second-lowest ever recorded, with the only lower instance occurring in 2017. Back then, the cryptocurrency went on a massive bull run, soaring from approximately $3,200 during a bear market low to a peak of around $19,000.
To bolster his forecast, the analyst pointed to previous periods of calmness in the Bitcoin price chart that preceded significant upticks. Low volatility was a precursor to impressive price surges in May 2016, April 2019, February 2013, and November 2020.
Notably, this cryptocurrency expert isn’t the only one projecting a bullish outlook for BTC. Another prominent CEO, managing over $2 billion in cryptocurrency financial services, has suggested that historical precedents could lead Bitcoin to surpass the $100,000 mark by 2025 following a halving event.
Furthermore, Standard Chartered, a London-based multinational banking, and financial services firm, has also joined the bullish camp. They forecasted that the price of Bitcoin could surge to $50,000 within this year alone, with the potential to reach $120,000 by the close of 2024.
As the calm persists in the current market, many investors eagerly await to see if the historical trends will again play out, propelling Bitcoin to new heights. With solid backing from reputable analysts and on-chain data, the cryptocurrency community is buzzing with excitement, anticipating a possible price explosion that could reshape the landscape of the entire digital asset market.