The anonymous host of InvestAnswers is unveiling a scenario where Bitcoin (BTC) could triple its current value.
The analyst tells his 409,000 YouTube subscribers that many people store Bitcoin on exchanges for flexibility purposes, even though they’re not currently willing to sell it.
The host notes that a sudden surge in buying pressure could ignite a supply shock and cause Bitcoin’s value to go parabolic.
“To cause a big macro shock, you would need somebody trying to buy between 100,000 and 200,000 Bitcoin within the space of one or two weeks.
That would propel the market to 3x in a very short window of time. That’s all it takes, because a lot of people do actually have their crypto on exchanges, but they’re not willing to sell it…
There’s a lot of people like me who are not willing to sell. So that metric what’s available on exchanges to sell it’s very different. But everybody has their price and the higher we go, the more sellers there will be, and it will even itself out. But if again, somebody tried to buy 100,000 to 200,000 within a two-week period, we go. We 3x overnight and that could happen.”
Bitcoin is trading at $44,112.72 at time of writing. The top crypto asset by market cap is up more than 4% in the past 24 hours and up nearly 15% compared to where it was priced one week ago.
At current prices, a 100,000 BTC purchase would be worth more than $4.4 billion.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Featured Image: Shutterstock/Liu zishan
The post Here’s What It Would Take for Bitcoin (BTC) To Rally 200%, According to InvestAnswers appeared first on The Daily Hodl.