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"The duo of bitcoin and Ethereum are in price discovery at this time and while a correction is imminent in the short term, the exact timeline is hard to determine. Having breached the $61,000 price mark, bitcoin’s buyers may not stop until the price retests its ATH above $69,000. While the upcoming economic data might skew sentiment if the outlook is bad, that more than 98 per cent of bitcoin addresses are in profit places no immediate selling pressure on the coin. Similar sentiment holds for Ethereum considering the strong correlation between both assets.
As the current market trend shows, bitcoin ETFs are arguably the primary driver of the current rally in the price of BTC. In my assessment, I believe the impact of these new assets are not fully priced in yet as further cash inflow will lead to more supply crunch that will further drive price growth. The rate of bitcoin purchase is already higher than supply and with the halving set to compound this crunch, the ongoing rally may not abate until the fourth quarter even despite occasional corrections. By year’s end, I anticipate a peak of $80,000 for this leading cryptocurrency."
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Nik Akinshin Predicts Bitcoin’s Price Peak at $80,000
Nik Akinshin, head of financial planning & analysis at Keytom, predicts an imminent drop in BTC price, but sees potential in the rally, estimating Bitcoin’s peak at $80,000.
Mark Galkevich
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March 29, 2024
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Nik Akinshin, head of financial planning analysis at the online bank Keytom, believes a price drop is “imminent”, though still thinks there may still be legs in this rally. Akinshin puts his prediction for bitcoin’s price peak at $80,000.
"The duo of bitcoin and Ethereum are in price discovery at this time and while a correction is imminent in the short term, the exact timeline is hard to determine. Having breached the $61,000 price mark, bitcoin’s buyers may not stop until the price retests its ATH above $69,000. While the upcoming economic data might skew sentiment if the outlook is bad, that more than 98 per cent of bitcoin addresses are in profit places no immediate selling pressure on the coin. Similar sentiment holds for Ethereum considering the strong correlation between both assets.
As the current market trend shows, bitcoin ETFs are arguably the primary driver of the current rally in the price of BTC. In my assessment, I believe the impact of these new assets are not fully priced in yet as further cash inflow will lead to more supply crunch that will further drive price growth. The rate of bitcoin purchase is already higher than supply and with the halving set to compound this crunch, the ongoing rally may not abate until the fourth quarter even despite occasional corrections. By year’s end, I anticipate a peak of $80,000 for this leading cryptocurrency."
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