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Bitcoin (BTC) to Hit $120,000 as Historic Patterns Repeat, Says Analyst

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Bitcoin (BTC) to Hit $120,000 as Historic Patterns Repeat, Says Analyst

In a notable development, CryptoQuant analyst MAC.D has forecaste an impending bullish surge for Bitcoin (BTC), potentially reaching up to $120,000. This projection is grounded in a detailed analysis of historical market patterns and recent investor behaviors, pointing towards a significant rise similar to past bull markets.

A key observation by MAC.D is the remarkable increase in the proportion of new Bitcoin investors recently, with figures showing a rise to 10.62% for individuals investing between one day and one week. This metric closely mirrors the trends observed during the onset of previous bullish periods, notably around October 2020 and the peak phases of October-November 2021.

BTC New Investors at 10.62% in the Last Week, Suggesting a Possible Bullish Rally

“This increased proportion of short-term investors means that we are at a critical juncture where we are likely to see significant price movements.” – By @MAC_D46035

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— (@cryptoquant_com) March 4, 2024

According to MAC.D, such an influx of new participants often precedes major price shifts, suggesting a burgeoning interest in Bitcoin that could drive the cryptocurrency’s price upward as more investors enter the market.

Global interest peaks and market dynamics

The analysis also highlighted Bitcoin’s price peaks in thirty countries last week, illustrating the widespread global interest in the cryptocurrency. This international engagement signals a strong influx of new capital, potentially leading to significant market movements.

Despite the optimistic outlook, MAC.D warns of possible market overheating due to the rapid increase in new investments and price surges. He suggests that while a 20-30% market correction is plausible and should be expected due to the volatile nature of the market, such corrections should be viewed as bullish signals rather than deterrents.

Investors, according to MAC.D, should brace for potential fluctuations, viewing them as natural market adjustments rather than reasons for panic. He believes that if the market follows historical patterns, Bitcoin could soar to approximately $120,000 following any interim corrections.

While MAC.D’s forecast is highly optimistic, it serves as a reminder of the cryptocurrency market’s dynamic nature. The renowned analyst also underscores the importance of caution, given the unpredictable swings characteristic of the cryptocurrency sector.