Bitcoin [BTC] has been on a choppy ride as it steadied below $60K while the altcoins, on the other hand, are having a party. Ethereum [ETH] has prompted an altcoin rally while pushing the dominance of the king coin to 44%, the lowest point in the last three years. So where exactly is Bitcoin’s price headed?
Bitcoin has rallied by 100% in terms of YTD. the asset hit a stagnancy in March and since then, for the most part, has been hovering within $55,000-$60,000.
Its crash below $50,000 on the 26th of April was brief as the crypto-asset managed to pull off a swift recovery. However, a breach of the upper limit does not appear to be in the offing.
Bitcoin To $250,000?
The dull price action did not stop the market players to predict wild price swings for the crypto leader. The investment management firm, Morgan Creek Capital Management’s founder and chief investment officer Mark Yusko has predicted that BTC could climb an astonishing $250,000 within five years.
In the latest edition of CNBC’s Trading Edition, the exec based his forecast on the increasing network adoption as well as the usage which has been on a steady uptrend. He was quoted saying,
“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at. What people miss is this is a technological evolution of computing power that isn’t going away.”
He also added that Bitcoin is a powerful computing network that will eventually shape up to become the base layer protocol for the Internet of value.
The main question that pops up is that is the storming of the altcoins mean Bitcoin’s exit from the bull season? Maybe not. At least that is what’s happening behind the scenes.
Strong HODling Affair
Bitcoin was floating around the $1 trillion market cap for nearly three months now, which was a healthy sign and the BTC market participants remained pretty much undeterred by not-so abrupt positive rallies along the same timeline.
For instance, Glassnode’s long-term HODLer net position change, switched to the positive side as it demonstrated that the holders of this cohort have accumulated 93,638 BTC more than they have sold. Even the miners are accumulating. According to the recent stats, over the past month, BTC miners have amassed a net position of 5,459 BTC.