The host of InvestAnswers talked about a scenario where Bitcoin (BTC) could triple its current value.
The analyst stated in a new video that although they are not currently willing to sell, many people store Bitcoin on exchanges for flexibility. The host states that a sudden increase in buying pressure could ignite the supply shock and cause the value of Bitcoin to rise parabolic.
“To cause a major macro shock, you will need someone trying to buy between 100,000 and 200,000 Bitcoins in a week or two. This will triple the market in a very short timeframe. That’s all it takes, because a lot of people have cryptocurrencies on exchanges, but they’re not willing to sell it… There are a lot of people like me who don’t want to sell it. But everyone has a price, and the higher we go, the more sellers there are. But again, if someone tries to buy 100,000 to 200,000 in a two-week period, we move forward. 3x in one night and it’s livable.”
Bitcoin was trading at $43,400 at the time of writing. The top cryptocurrency by market cap has fallen by nearly 2% in the last 24 hours.
At current prices, 100,000 BTC purchases would amount to more than $4.3 billion.
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