According to a popular cryptocurrency analyst, the price of Bitcoin ($BTC) has been “mirroring the Nasdaq’s price movements closely,” which could mean the cryptocurrency is headed toward the $90,000 mark later this year if the pattern is confirmed.
In a post shared with his over 56,000 followers on the microblogging platform X (formerly known as Twitter), popular analyst Ali Martinez revealed that Bitcoin’s price has been closely mirroring the index. Given Nasdaq’s rise year-to-date, BTC could top $90,000 in the near future if the pattern holds.
Martinez noted that to validate the pattern, BTC’s price “must swiftly recover above $69,000.” At the time of writing, Bitcoin is trading at $67,600 after moving up 2.7% in the past 24-hour period but losing over 5% of its value over the last week.
As CryptoGlobe reported, a popular quantitative cryptocurrency analyst known for his Stock-to-Flow model has recently revealed he believes it’s “inevitable” the price of Bitcoin reaches the $100,000 mark this year and predicted BTC will trade above $200,000 over the coming bull market cycle, and could potentially exceed the $1 million mark.
The analyst’s Stock-to-Flow mode where stock is “the size of the existing stockpiles or reserves” and flow is “the yearly production” analyzes supply and demand dynamics. The analyst pointed to a price peak in 2025, and noted the $200,000 peak would “be a disappointment.”
Based on his model, PlanB suggests a peak well above $500,000, potentially reaching $600,000, $700,000, or even $1 million per BTC. The analyst, however, cautioned viewers about potential volatility in the incoming cycle, which could include corrections of 20% to 30%.
He emphasized that this is not financial advice but added he personally plans to hold his Bitcoin for the next 12 months and reassess when the market transitions from a bull market to a distribution phase.
As reported in a recent memo to investment professionals, Bitwise’s Chief Investment Officer, Matt Hougan, shared his thoughts on navigating the choppy waters of today’s crypto market, particularly focusing on Bitcoin and saying they see “Bitcoin is in a raging bull market” over the long-term.
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