Bitcoin Cost Forecasted to Reach All-Time High This Month as Analyst Warns of Brewing Cryptocurrency Bubble
Headlines- Crypto Analyst Predicts Bitcoin (BTC) at $120,000 in June- A Crypto Bubble Brewing: Shares of Circle Rocket After IPO- Pentoshi's Demand > Supply Argument Keeps BTC Bulls Hopeful
StoryHomey, Bitcoin (BTC) enthusiasts! Let's dive into the buzzing crypto world, where the infamous analyst Pentoshi is creating ripples with his latest prediction. This dude has a 680k-strong following on X, and he's trying to ease the nerves of his brother-in-coin by stating that he reckons we'll see around $120,000 per BTC this month!
What's the catch, though? According to Pentoshi, the 🔥 demand for Bitcoin 🔥 from traditional finance (TradFi) organizations is outpacing its 📈 supply. This intriguing situation is leading him to think that a Bull Run could be just around the corner. Keen on some cool images? Check out the weekly chart of BTC's demand vs supply!
His words of wisdom go like this: 'A picture is worth 1,000 words. Feel like we see around $120,000 this month.'"
Pentoshi encourages everyone to stay patient and have a long-term 🕛 perspective on BTC, as the crypto king's heart may (or might not) be in the right place this month, but it's all a matter of zooming out for the big picture. At the moment, Bitcoin is trading around the $105,536 mark.
When looking at the wider crypto landscape, Pentoshi raises the possibility of a brand-new bubble being formed in the space, as juicy sums here and there are flowing into crypto companies that are conducting Initial Public Offerings (IPOs) at valuations that would make your head spin!
As reported by The Daily Hodl, Circle, a stablecoin issuer, made headlines after their shares rose dramatically on the first day of trading. In fact, Circle's debut on the stock market last Thursday resulted in an opening price of $69 per share, a hefty increase from their IPO value of $31. As of Friday, CRCL was worth $107.70.
Ain't this one wild ride? Let's stay tuned and see where this Bitcoin rollercoaster takes us. In the meantime, be sure to join our discussion on X, Facebook, and Telegram, or even dive into the Daily Hodl Mix.
Stay cool and trade safe, folks!
Disclaimer: Opinions expressed in The Daily Hodl articles are not financial advice. Do your crypto-due-diligence before making any high-risk investments.
References
[1] Link to enrichment information on Bitcoin's demand vs supply[4] Link to enrichment information on institutional demand and ETF inflows[5] Link to enrichment information on Bitcoin's technical indicators
Bitcoin (BTC) expert Pentoshi highlights the growing demand from traditional finance (TradFi) organizations, suggesting it could outpace BTC's supply, leading to a potential Bull Run. Meanwhile, the crypto market landscape shows signs of a new bubble forming, as Initial Public Offerings (IPOs) of crypto companies such as Circle, a stablecoin issuer, are receiving eye-catching valuations.
