A closely followed crypto market analyst has suggested that Bitcoin (BTC) is likely to reach its all-time high (ATH) much faster than most people expect.
Analyst Predicts Upcoming Bitcoin ATH
The analyst, known by the pseudonym The Flow Horse, claimed through statements made on social media platform X that Bitcoin is likely to maintain its uptrend and soon surpass its previous highest level of approximately $69,000. The analyst stated the following:
“It may sound bold, but Bitcoin is heading to ATHs faster than you planned. Once the market surpasses the midpoint between the previous ATH and the corresponding bear market lows, it’s simply a one-way trip. The logic is simple; more than half the journey is already behind. It can go all the way.”
Bitcoin Futures
The analyst also suggested that a large stakeholder opened a significant long position, betting on Bitcoin’s continued rise. The expert highlighted the increasing discussions about sovereign wealth funds considering the potentially best-performing crypto asset by market value, which could be related not only to the anticipated approval of the spot market Bitcoin exchange-traded fund (ETF) but also to the strength of BTC itself. The analyst commented:
“The person who opened a $200 million leveraged BTC position on Bitmex is still in a very good position and currently not at risk at all. It’s actually quite bold. They have made an additional $20 million in futures, excluding the money needed to post as margin. Is there more than ETF? Sovereign wealth discussions are accelerating again.”
Another on-chain analyst, PlanB, also recently indicated that he believes Bitcoin will reach much higher levels than most analysts predict. Relying on the stock-to-flow (S2F) model, which aims to forecast long-term market cycles for Bitcoin based on halving events where miners’ rewards are cut in half, PlanB claimed that the leading cryptocurrency could soon rise to $60,000.
