Financial Analyst and author Lyn Alden has suggested that Bitcoin (BTC) could reach the $100,000 price mark or beyond within the next eighteen months.
In a recent interview, Alden pointed out that the current supply dynamics could set Bitcoin on its path towards six-figure prices in just months. She noted how long-term holders of coins may hold onto them until long-term liquidity increases and thus create a supply shock.
According to Alden, Bitcoin is currently in the mid-cycle of its bull run, with several indicators pointing towards potential expansion. She believes that global liquidity and demand remain strong, driving Bitcoin’s price higher. This mid-cycle period means there is still a tremendous possibility for significant expansion, as historical patterns show that Bitcoin’s price typically peaks near the end of bull cycles.
In Alden’s words: “My expectation is there’s room to run both from the liquidity side being fairly constructive. That should help demand. And I still think there has to be a higher price to unlock some of these older coins to meet that demand. I would be surprised not to see six-figure Bitcoin over the next 18 months.”
Alden’s optimism on Bitcoin’s long-term prospects comes in the face of short-term pessimism expressed by some industry executives and predictions of a significant miner sell-off after the halving event, which is scheduled to take place on April 20. Historically, halving events has not resulted in immediate price spikes. The token’s price typically falls, only to experience significant gains over subsequent years.
READ MORE: Everything You Need to Know About Bitcoin Halving
Bitcoin, however, hit an all-time high before halving for the first time in this market cycle, sparking optimism for substantial growth over time. The token recorded an ATH of $73,927 on Thursday, March 14, after it began a steady ascent on January 24. However, it experienced a sharp decline, reaching a weekly low of $66,163 on March 15.
Bitcoin was trading at $62,829 as of press time, up about 1.29% in the last 24 hours, according to CoinMarketCap data.
READ MORE: Bitcoin Overtakes Silver, Becomes the Eight Largest Asset by Market Capitalization
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
