An analyst who accurately called the November 2021 crypto bull cycle top is predicting fresh record highs for Bitcoin (BTC) this month.
Pseudonymous analyst Pentoshi tells his 866,100 followers on the social media platform X that Bitcoin’s weekly chart shows that BTC demand is significantly outpacing supply, resulting to higher prices.
The trader says he seeing “insatiable” demand for Bitcoin from firms in the traditional finance (TradFi) world, leading him to believe that bullish continuation is on the table for BTC.
“Demand > supply
A picture is worth 1,000 words
Feel like we see around $120,000 this month.”
The analyst also tells his followers to remain patient and have a long-term outlook on the crypto king.
“Everyday:
‘If there’s billions of dollars flowing into BTC, why is it not going up?’
My brother in Christ,
Zoom out.
It’s going to get there, just maybe not always at the speed you want.”
At time of writing, Bitcoin is trading for $105,536.
Looking at the broader crypto market, Pentoshi says a new bubble is forming in the space.
“Looks like all the money is going to be made in crypto companies doing IPOs (initial public offering) at wild valuations
Deeper pockets, more liquidity, higher valuations
Another bubble is brewing, another bubble to chase.”
Pentoshi’s bubble call comes after shares of the stablecoin issuer Circle (CRCL) meteorically rose on the first day of trading. Circle debuted on the stock market on Thursday with an opening price of $69 per share, a massive increase from the IPO value of $31.00 per share.
As of Friday’s close, CRCL is worth $107.70.
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Generated Image: Midjourney
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