Esteemed Analyst Anticipates Bitcoin Will Soar to Unprecedented Heights in May
Andrew Kang, a prominent analyst and trader in the ever-evolving cryptocurrency arena, recently offered his insights into Bitcoin’s future trajectory.
“I foresee Bitcoin reaching an astounding $80,000 by May,” Kang confidently proclaimed, displaying an optimistic outlook for the world’s most valuable digital currency. Kang believes that the journey from $80,000 to $100,000 will present challenges, with a significant supply to contend with.
Nevertheless, Kang also acknowledged that sales teams from asset and wealth management firms are on the cusp of receiving authorization to aggressively market ETFs. This development could swiftly eliminate the aforementioned supply, be it within a month or perhaps up to three months.
Kang’s predictions extend beyond the $100,000 threshold. He contends that Bitcoin will experience another profound surge once the $100,000 barrier is surpassed. “Who would wait until $110,000, $115,000, $120,000 to sell?” Kang rhetorically queried, insinuating that the psychological impact of breaching the $100,000 mark could engender supply shortages and subsequent price hikes.
Furthermore, Kang emphasized the shifting dynamics of the market. “We are no longer in a phase where individual institutions are solely driving Bitcoin’s ascent,” he elucidated. Rather, the surge will be propelled by aggregate Dollar-Cost Averaging (DCA) purchases undertaken by millions of diverse individuals and organizations across more than 100 countries.
*Please note that this information should not be construed as investment advice.