In a brand new YouTube video, the nameless host of InvestAnswers tells his 447,000 YouTube subscribers that his value goal for Bitcoin is closely depending on a number of components, together with on-chain provide, the way forward for spot BTC exchange-traded funds (ETFs) within the US and the general adoption of the highest crypto asset.
The host additionally notes that Bitcoin’s long-term holder provide has reached a brand new all-time excessive.
“It’s insane. Individuals are not promoting.”
The analyst believes Bitcoin might hit $89,000 someday in 2025, although he thinks BTC has a “max upside” of $142,000.
The InvestAnswers host notes that his value targets might be decrease if the U.S. Securities and Trade Fee (SEC) decides in opposition to approving a spot Bitcoin ETF. Nonetheless, the analyst says that “issues might go loopy” if the SEC green-lights a spot-based Bitcoin ETF.
The SEC delayed selections on a slew of spot BTC ETF functions final week, although the regulator will probably rule on plenty of them by early 2024.
BTC is buying and selling at $27,528 at time of writing. The highest-ranked crypto asset by market cap is down 1.2% up to now 24 hours however stays up by practically 66% for the reason that starting of 2023. Nonetheless, regardless of its value positive factors this yr, Bitcoin remains to be greater than 60% down from its all-time excessive of $69,000, which it hit in November 2021.
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