Fred Krueger, a well-known cryptocurrency analyst, recently tweeted about the “multiplier” effect on the Bitcoin market. According to him, before ETFs were launched in January 2024, the Bitcoin market cap was about $700 billion by mid-October. In recent times, the market cap has doubled, reaching an astounding sum of $1.4 trillion.
According to Krueger’s estimate, around 160,000 Bitcoins worth $50,000 each, totaling $8 billion, would have been needed to create a market capitalization of the initial $700 million. He also computed what he termed a ‘back-of-the-envelope multiplier’ of 87, implying that even a small investment may generate significant returns in the Bitcoin market.
Krueger’s projections underscore how much the dynamics of supply and demand – and institutional investor sentiment in particular – dictate where BTC goes next. If he’s right, it could mark a substantial milestone for Bitcoin, solidifying its position as a dominant asset class.
Bitcoin Momentum Approaching Halving
Veteran analyst and trader Michaël van de Poppe has stated that Bitcoin, the largest cryptocurrency, is gaining momentum towards a new all-time high. It could be said that the bull run of the BTC price is now at a critical moment, with less than 6 weeks to go until its fourth halving.
Van de Poppe listed three scenarios for BTC in the midterm: $100,000 before-halving, after-halving scenario, or altcoin summer–correction phase. When the orange coin is to be corrected, the analyst emphasizes $52,000 and $45,000 as potential support levels.
Several bearish scenarios that can be forecasted include a drop to mid-$30K zones or even lower than such levels. As of press time, BTC is trading at $68,528, with a 0.88% rise over the last 24 hours. The net trading volume added 31% and exceeded $56 billion in the equivalent.
In the last 24 hours, BTC soared to $70,000 on a few exchanges before retreating to $66,400. Consequently, both bulls and bears had their positions liquidated. CoinGlass statistics show that out of the total number of Bitcoin futures that have vanished, worth $105 million within 24 hours, bears are blamed for $56 million.
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