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The anonymous host of the closely followed crypto analysis and popular crypto-focused YouTube channel InvestAnswers, James, has expressed his bullish expectations for Bitcoin (BTC) amidst the market’s recent surge. The analyst predicts that Bitcoin could rise by up to 200% within 165 days.
Anticipates the Rise to Occur by July 16, 2024
In his latest video, InvestAnswers’ host James told his subscribers that the largest cryptocurrency, Bitcoin, could rise by up to 200% from its current levels in less than six months. In his commentary, the analyst said, “According to my estimates, by July 16, 2024, Bitcoin will reach $80,000 or $130,000. So, we are 165 days away from reaching a point between these two levels. If we take history, mathematics, supply, and money flow as a guide, this is what should happen.”
James also emphasized that looking at history, Bitcoin’s most significant price movements have occurred three months before and after the block reward halving, followed by a relatively flat trend:
Bitcoin’s real volatility takes place during the period we are currently in, which is 90 days before and after the block reward halving. After that, a relatively flat trend begins.
As is known, Bitcoin’s next block reward halving is planned to occur this April, which will be the fourth halving event. With this halving, the reward given to miners per block, which is currently 6.5 BTC, will be reduced to 3.125 BTC.
High Demand from Spot ETF Providers Excites Analyst
According to James, the high demand from spot ETF providers far exceeds the amount of BTC mined, keeping him on the bullish side for the market’s best-valued large cryptocurrency:
Even if we only take a quarter of what has happened in the last 18 days, the demand is extremely high. It’s almost five times what miners produce, and this means that even if miners were to sell every single BTC they have in real-time, the demand would still be met, which theoretically is not possible. This scenario also assumes that no one else would buy Bitcoin. That’s why I’m on the extremely bullish side.
