Bitcoin Price May Return to $60,000, Analyst Says

Bitcoin may be on its way back to a $60,000 price, a top BTC analyst says. MustStopMurad analyzes the recent performance of Bitcoin’s price, as well as its M1 money supply. This is the sum of physical currency and quickly accessible deposits in the economy.

M1 is a measure of the money supply that includes the most liquid portions of the money supply because it contains currency and assets that can be quickly converted to cash. Using this as a basis for tracking Bitcoin price, Murad believes that a return to $60,000 is possible to retake.

The bullish sentiment parallels the recent rally of BTC over the past week. Buying pressure appears to be rising for Bitcoin, despite the M1 shrinkage mentioned by Murad. Bitcoin critical levels appeared at $6,000 in 2018 and 2019, and $30,000 in 2021 and 2022. When adjusted for M1 levels, these values are very similar. The M1 supply for BTC has risen over the past few years though.

Bitcoin may be on its way back to a $60,000 price, a top crypto analyst says. MustStopMurad analyzes M1 supply to gauge BTC price.
Source: Finbold

The good news though, according to Murad, is that Bitcoin appears to be retaking this level soon. BTC is strengthening, and its price now expects to do the same. One can expect price predictions for Bitcoin to rise if Murad’s thinking using M1 supply is true.

  • bitcoin
  • btc

Comments

Post a Comment

Popular posts from this blog

U.S. Millionaire Says Gold Prices 'Will Go Very High'

Image
Millionaire and veteran investor in the U.S. markets Jim Rogers predicted that gold price s “will go very high” next. The XAU/USD index, which tracks the Spot Gold prices shows the precious above the $2,300 mark on Thursday. The commodity is attracting buying pressure from retail investors, institutional funds, and central banks of developing countries. Also Read: Goldman Sachs Predicts Copper Prices To Surge 20%, Hit $12,000 The massive accumulation is what’s driving gold price s up making it print new highs every month in 2024. Rogers explained that if there’s a problem in the stock market, gold price s stand to benefit and will be the first commodity to skyrocket. The global stock market remains on a slippery slope due to the ongoing conflict in the Middle East between Iran, Israel, and Palestine. Also Read: Chinese Businesses Hoard US Dollars Fearing the Yuan Could Weaken Gold Prices To Go ‘Very High’, Explains Jim Rogers Sour...
Read more

New York Attorney General Sues Celsius Co-Founder Alex Mashinsky for Crypto Fraud

On Jan. 5, 2023, the state of New York and attorney general Letitia James filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit claims that Mashinsky and Celsius defrauded “hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.” Former CEO of Celsius Accused of Making False Promises, Misleading Investors The day after Core Scientific detailed that it was shutting down 37,000 bitcoin miners owned by Celsius, New York’s Attorney General filed a lawsuit against Alex Mashinsky, the former CEO of Celsius. The lawsuit alleges that Mashinsky “repeatedly made false and misleading statements about Celsius’s safety” and that he encouraged investors to “deposit billions of dollars in digital assets onto the platform.” According to the lawsuit, 26,000 New Yorkers are affected by the Celsius demise and James wants to ban Mashinsky from doi...
Read more

Cryptocurrency: Kevin O'Leary Predicts 'This' Will 100% Happen Again

Kevin O’Leary has been somewhat of a popular voice in the crypto currency industry over the past year. In mid-December 2022, he was called out by the community following his remarks about Binance. The Shark Tank host outrightly blamed Binance for putting FTX out of business. In retrospect,  Changpeng Zhao, the CEO of Binance called him a liar. Appearing in a recent interview with Kitco NEWS, O’Leary suggested that unregulated exchanges will continue collapsing one behind the other. Warning about potential meltdowns in the future, he said, “If you’re asking me if there’s going to be another meltdown to zero? Absolutely. One hundred percent it’ll happen, and it’ll keep happening over, and over and over again.” https://t.co/raCZhnbuJi — Kitco NEWS (@KitcoNewsNOW) January 16, 2023 Post the collapse of FTX, companies have collectively been striving to rekindle hope and win back the eroded trust of market participants. A...
Read more