Simple #Bitcoin tools like Supply in Profit return massive edge for those who pay attention.
What we are looking at is a relatively small price change (~10%), but a massive 13% of all coins returning to profit.
This means a foundation of massive capitulation –> accumulation https://t.co/KgSPLioBB4
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) January 12, 2023
As Cointelegraph reported, the terms “capitulation” and “accumulation” refer to classic market cycles, according to theory from technician Richard Wyckoff, who wrote about financial markets in the early decades of the 20th century.
As CryptoGlobe reported, popular cryptocurrency analyst Michaël van de Poppe has predicted that the price of the flagship cryptocurrency could go through a “massive bull cycle” between 2024 and 2025 to trade between $250,000 and $300,000.
Notably, various other analysts are bullish on $BTC. Some predictions, including from former Goldman Sachs executive Raoul Pal and from an Ark Invest analyst, point to a $1 million price tag in the future.
Blockware Solutions, a company specializing in Bitcoin mining, has released a research report titled “Purchasing Power Under a Bitcoin Standard,” which states that if Bitcoin becomes the dominant store of value, its price could reach nearly $23 million.
The report also predicts that Bitcoin’s purchasing power could comprise approximately 61.4% of the total global market cap of financial assets and that its value will increase in perpetuity due to technological advancements increasing economic productivity over time.
The report assumes an average annual global GDP growth rate of 2%, which would lead to the purchasing power of Bitcoin doubling every 36 years.
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