A widely followed analyst says Bitcoin (BTC) may have an explosive breakout in the coming weeks.

In a new video, the host of InvestAnswers tells his 565,000 YouTube subscribers that key metrics suggest Bitcoin’s bull market is not over and BTC may soon hit $160,000.

The analyst uses the global M2 money supply – which measures the amount of money flowing throughout the financial system – to forecast potential price targets for Bitcoin.

“You can see the yellow line is the global M2 money supply. Bitcoin price is following it almost picture perfectly. How high will it go? We are not sure, but estimates are at least $120,000, maybe $160,000. We shall see. But good things are ahead. We might need to be a bit patient, wait out till June, July.”

He also says that the buying trends among different Bitcoin holder cohorts indicate that whales are accumulating the flagship digital asset at a greater rate than others.

Look at the accumulation. It’s spreading top-down as well…

The whales, [those with] greater than 10,000 Bitcoin have been at peak accumulation for quite some time now, around 0.95.

The 1,000 to 10,000 whales, and the 100 to 1,000 Bitcoin cohorts are up about 0.9. They keep on stacking.

I talked a lot about that 100 to 1,000 cohort. They are critical to watch. They are now the money players. They hold more Bitcoin than anybody else, any other cohort.

And then you got the 10 to 100 Bitcoin holders who are pivoting towards 0.6. They’re beginning to stack. And sadly, everybody with less than 10 Bitcoin has continued to distribute. Okay, the small players are selling.”

Lastly, he says that his Top and Bottom Indicator (TABI), which draws on multiple metrics in an effort to predict market peaks and bottoms, indicates Bitcoin may head higher.

“Now let’s talk about the Top and Bottom Indicator. This tells us when we are getting overheated or not for Bitcoin…

We are still yellow. We are still middle of the road. We need to, after this yellow phase, go dark yellow, then orange and then red.

We are right bang in the middle with a slight little yellow uptick right now again, beginning to get overheated. But this is where we are, everybody, this bull run is not over.”

Bitcoin is trading for $97,044 at time of writing, flat on the day.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

A widely followed analyst is outlining the potential path forward for Bitcoin (BTC), Solana (SOL) and other crypto assets.

The analyst pseudonymously known as InvestAnswers tells his 563,000 YouTube subscribers that Bitcoin, Solana and other crypto assets are in a “classic bear trap.”

A bear trap is a situation where a decline is interpreted as the start of a bearish trend when it is a temporary development that will reverse upwards.

“I think we’re still in the bull market. I’m 95% sure we’re still in the bull market. But this bear trap is designed to break your heads. Do not leave. Do not leave at this stage, ladies and gentlemen.”

Turning to Bitcoin, the pseudonymous analyst says that a bullish reversal pattern has formed on the crypto king.

“[Bitcoin has] been staggering around this area [around $82,000] for like seven or eight days. So it’s a classic double bottom, which is what I like to see.”

Bitcoin is trading at $81,602 at time of writing.

On Solana, the pseudonymous analyst says the sixth-largest crypto asset by market cap is “drastically undervalued” at the moment.

“A few weeks ago I did a math model – if Solana was valued like Bitcoin based on users, based on revenue, based on adoption, based on transactions, etc. the market cap would be $24 trillion.

Bitcoin’s $2 trillion. So it would be 12 times more valuable than Bitcoin. And I know Bitcoin is a store of value and stuff but just putting things in perspective. Cream will eventually float to the top. We just don’t know when.”

Solana is trading at $125 at time of writing.

?

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney