A cryptocurrency market analyst has suggested that Bitcoin (BTC) will reach its all-time high (ATH), surpassing the expectations of many, at a much faster pace. The analyst, known by the pseudonym The Flow Horse, stated on the social media platform X that Bitcoin’s upward trend is expected to continue, surpassing its previous ATH of around $69,000.
The Flow Horse noted that when the market surpasses the midpoint between the previous ATH and the low levels, it becomes an irreversible journey. The analyst expressed that more than half of the journey has already been completed, indicating that the rest is likely to happen.
The analyst also mentioned that a major investor has taken a significant long position by betting on Bitcoin’s rise. The expert highlighted the increasing discussions surrounding Bitcoin, which is considered to be the best-performing crypto asset in terms of market value, and emphasized that it could be associated not only with waiting for the approval of a Bitcoin exchange-traded fund (ETF), but also with Bitcoin’s own strength.
The analyst stated that the person who opened a leveraged BTC position worth $200 million is still in a very good position and not at risk. They also mentioned that this person has made an additional $20 million from futures trading, which is not limited to the margin invested. Furthermore, they drew attention to the accelerating discussions about sovereign wealth funds.
On-chain analyst PlanB also expressed their belief that Bitcoin will reach higher levels than most analysts anticipate. Based on the stock-to-flow (S2F) model, which aims to predict market cycles in the long run based on halving events that halve miners’ rewards, PlanB claimed that the leading cryptocurrency could soon rise to $60,000.