Analyst Predicts Fresh Record Highs for Bitcoin This Month

Expert Insights

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 followers on the social media platform X that Bitcoin’s weekly chart shows that BTC demand is significantly outpacing supply, leading to higher prices.

Insatiable Demand

Pentoshi highlights the “insatiable” demand for Bitcoin from firms in the traditional finance (TradFi) world, indicating that bullish continuation is likely for BTC. He believes that the current demand outweighs the supply, paving the way for Bitcoin to potentially reach around $120,000 this month.

Long-Term Outlook

Pentoshi advises his followers to remain patient and maintain a long-term perspective on Bitcoin. He emphasizes the importance of zooming out and understanding that significant price movements may take time to materialize, despite the influx of billions of dollars into the cryptocurrency.

Market Trends

Bitcoin is currently trading at $105,536, with Pentoshi also noting the formation of a new bubble in the broader crypto market. He suggests that the money-making opportunities may lie in crypto companies conducting IPOs at high valuations, signaling another potential bubble in the space.

Shares of stablecoin issuer Circle (CRCL) saw a meteoric rise on their first day of trading, with the stock price soaring well above the IPO value. As of the latest close, CRCL is valued at $107.70.

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