A pseudonymous analyst known as TechDev has shared insights with their 440,000 followers on X, suggesting that the Bitcoin price could double from its current value of $69,000 within the next three months.
According to TechDev, Bitcoin has closed two consecutive months above the upper Bollinger Band, a technical indicator used to measure momentum and volatility.
Bitcoin Price Surge in Recent Days
Historically, whenever Bitcoin has achieved this feat, its price has doubled within the subsequent three months. This analysis points to a potential BTC price of around $140,000 by July.
While Bollinger Bands offer valuable insights into an asset’s momentum, they are just one of many technical indicators available to analysts. It’s important to note that these indicators are more reactive than predictive, relying on past price action and volatility data. Additionally, their effectiveness can vary during different market conditions, particularly during peak bull and bear markets.
Prediction from Anthony Scaramucci
Anthony Scaramucci, CEO of SkyBridge Capital, shared his bullish outlook on BTC during an appearance on CNBC. He suggested that Bitcoin could reach as high as $170,000 during the current cycle and eventually trade at around half the total value of the global gold market.
With the Bitcoin current market capitalization standing at $1.35 trillion and gold’s total value at $15.8 trillion, achieving this target would require BTC’s market cap to grow roughly six times from its current level, resulting in a price of approximately $400,000 per BTC.
Approval of Spot Bitcoin ETFs
Scaramucci also commented on the recent approval of ten spot Bitcoin ETFs, describing them as “selling machines” that would likely drive increased retail and institutional demand for BTC.
These ETFs have already seen over $12 billion in net inflows, highlighting growing investor interest in the cryptocurrency.
Optimism Regarding Crypto’s Future
Like Scaramucci, Ripple CEO Brad Garlinghouse expressed optimism about the cryptocurrency market’s future. He predicted that the entire crypto sector would double in value by the end of the year, reaching a total market cap of $5 trillion.
Garlinghouse cited factors such as the upcoming Bitcoin halving, regulatory developments, and the rising popularity of Bitcoin ETFs as key drivers of continued crypto adoption.
Despite the potential for significant growth, both Scaramucci and Garlinghouse acknowledged the likelihood of volatility in the crypto market and emphasized the importance of considering various factors when making investment decisions.
The post Bitcoin Could Double to $140K in 3 Months: Analyst appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
