An estimate by a popular cryptocurrency analyst Doctor Profit predicted that Bitcoin would hit $586,500 by 2028. Using the M2 money supply, gold flows, and inflows into the black market as its bases, his theory projects a rise in Bitcoin over the course of the next few years.
According to his prediction, the money supply would have increased from $21 trillion to $33 trillion by 2028, a 58% increase, giving Bitcoin plenty of potential to flourish. Things might get worse, if Bitcoin’s $8 trillion market value crashes to its lowest point, up to 6 million units could be lost and more could be purchased on the illegal market.
A technical analysis of the price movement of Bitcoin highlights levels of short-term support and resistance. In terms of the cryptocurrency’s future course, the current $65,000–$666,000 price range is crucial.
Bitcoin’s bullish continuing towards new highs will be validated if it can turn around and break over the $66,000–$68,000 zone. But if it can’t stay above $64,600, there will probably be a correction, which might push Bitcoin back below $60,000.
Trading enthusiasts are also keeping an eye out for probable retreats to important support levels, such $60,590 and $61,786. Since corrections of 25–40% are beneficial for long-term growth, a regression to these levels would not always signify a bear market. However, an upward momentum might be started if Bitcoin is able to break above $68,000 and continue to fall below greater lows.
Furthermore, according to the analysis, the long-term market structure of Bitcoin is still positive, with higher lows expected to occur around $52,500. This change suggests that the trend may be reversing, which is consistent with Doctor Profit’s prediction of continuous growth through 2028.
Read CRYPTONEWSLAND onBecause of this, investors are urged to concentrate on long-term goals rather than short-term swings, since it is expected that Bitcoin will experience multiple corrections on its route to $586,000.
Although Bitcoin will likely encounter short-term resistance, the market’s overall view is still positive. With the money supply expanding and BTC disappearing, Bitcoin may hit unprecedented heights in the next years.
Tether aided the U.S. #DOJ in seizing $6M linked to a #SoutheastAsiancryptoscam, blocking $1.8B #USDT,…
Analysts reveal several #bullish cycle top targets for various popular #altcoins including $DOT, $FET, and…
#Ripple XRP allows quick #transfers and low #costs, making it a popular choice for hedge…
#SUI surges 10% as #bullish trends emerge. Will this #momentum lead to a new all-time…
CZ shares his plans for #GiggleAcademy and future investments, while #Binance navigates ongoing legal challenges…
#Major banks exploring RippleNet adoption could drive token demand and boost prices with the potential…