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Analyst who predicted bullrun in 2021 expects bitcoin at $600,000

Bitcoin: Analyst who predicted bullrun in 2021 expects bitcoin at $600,000

Renowned analyst Tuur Demeister, who accurately predicted bitcoin's meteoric rise to $69,000 in 2021, has now unveiled his new prediction.

Demeister expects the price of the pioneering cryptocurrency to jump to a record $600,000 within the next two years.

According to the expert, the catalyst for bitcoin's rise to new historic heights will be the global financial crisis and the subsequent measures taken to rescue struggling banks.

These measures will drive the asset's explosive growth and bring it into the realm of six-figure valuations.

"I am targeting bitcoin to rise to the $200,000-$600,000 level by 2026. This rise will be fueled by trillions of dollars in bailouts and economic stimulus packages aimed at revitalizing the global economy."Demeister stated.

The expert also suggested that the upcoming "#bull run" could consist of two separate cycles similar to the one seen in 2013. Demeister recognized the possibility of a prolonged period of positive sentiment and noted the existing problems in the U.S. banking system.

Lookonchain data shows that approximately 375,000 market participants have purchased about 119,480 BTC at an average price of $50,227. These addresses are currently incurring losses or are near breakeven, potentially putting additional pressure on sellers.

Meanwhile, analysts at CryptoQuant forecast a high probability of a market correction ahead of the #halving event. They point to the rise in the UTXO metric, historically indicative of an impending wave of selloffs.

It's worth noting that on the night of February 13, bitcoin broke the $50,000 milestone, jumping to $50,368 at that point.

Matrixport analysts also made their own forecast, suggesting that bitcoin's value will rise to $63,000 in the spring of 2024. In addition, famous investor and entrepreneur #Robert Kiyosaki believes that this asset will soon reach an impressive valuation of $150,000.

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