A crypto analyst with a large following says that a key Bitcoin (BTC) chart points to a big bullish long-term.
“Bitcoin is on the verge of igniting a big run!”
In a new video update, the InvestAnswers host tells his 441,000 YouTube subscribers that the amount of users connected via BTC is a sign that the leading crypto is finally going to ignite a big run. The analyst brings up Metcalfe’s law, which states that the value of a communication network is proportional to the square of the number of connected users in the system. In this context, the analyst makes the following statement:
Basically, I have proven that 83% to 84% of the price of Bitcoin and Ethereum is explained by daily active users, addresses, and network effect. But if you look at the chart here, this chart makes it very clear what will happen to Bitcoin price in the long run. I don’t hold back on these false hopes, it’s just math.
Source: InvestAnswers / YouTubeThe crypto strategist says that Bitcoin’s token supply is dwindling and this combined with increased demand should cause the BTC price to rise significantly. He explains his views on this matter as follows:
The amount of Bitcoin that can be bought, that amount in the stock market balances, and the future supply for mining is really small and is heading towards zero. The number of on-chain changes that the Bitcoin protocol survives will increase forever, and we all know from economy 101 that the price goes up as demand increases and supply decreases. This is the most fundamental lesson in economics.
BTC bulls keep their $30k belief
As you follow on Kriptokoin.com, the leading crypto Bitcoin is trading at $ 23,603 at the time of writing, with a 3% increase in the last 24 hours. The latest move marks a comeback after a tough week for risk assets, where US equities have been hurt by higher-than-expected inflation data.
However, BTC is still below key levels that analysts need to recover before the month closes. On the other hand, some analysts remain optimistic about Bitcoin. Among them, the crypto analyst nicknamed Kaleo, claims that $30,000 remains the price ‘magnet’ for BTC.
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
— K A L E O (@CryptoKaleo) February 25, 2023
In addition, crypto analyst nicknamed Altcoin Sherpa predicts a 4 or 6 week period to hit the $30,000 mark. According to the analyst alias Mags, BTC is still in the bull-to-bear transition phase. The analyst says that the rise will only begin when the neckline is broken.
BTC caption chart / Source: Mags/ Twitter
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