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Kyledoops from Crypto Banter highlighted the fact that the legendary trader Michael J. Burry, who was portrayed in the movie the Big Short, recently opened a substantial short position against the financial market. Despite this bet against the traditional financial market, another analyst that was in the video, MDX Crypto, is bullish on Bitcoin (BTC) for the long term.
According to MDX Crypto, BTC treasuries have risen rapidly, which may be a bullish sign for the market leader’s long-term potential. Specifically, he revealed that institutions went from holding 7% of BTC’s supply to holding 9.2% of the supply.
Although this is a positive metric to take note of, the analyst predicted that there may not be a significant rally in BTC’s price for the next few weeks. This thesis will stand until BTC’s price closes a weekly candle above $30K, according to MDX Crypto. In this scenario, the analyst speculated that the cryptocurrency’s price could rise to $40K.
Furthermore, he also mentioned in the video that the possibility of BTC’s price reaching $250K – $600K in the coming few years should not be ruled out. This belief stems from the uncertainty regarding the sustainability of the traditional financial market. However, the analyst stated that a large collapse of the global financial market is needed for BTC’s price to soar to these levels.
Meanwhile, in terms of the altcoin market, the collective market capitalization of all cryptocurrencies excluding BTC (TOTAL2) may have established its low for this bear market, according to the analyst. He did, however, add that the market could still experience one more “rush to cash” towards the end of this year if interest rates are hiked again.
Despite the potential for BTC’s price to rise to $250K-$600K, MDX Crypto forecasted that altcoins will present better trade opportunities since it will be much easier for smaller-capped cryptocurrencies to undergo substantial price movements. In particular, the analyst named Cronos (CRO) and Dogecoin (DOGE) as coins to watch in the next bull run.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.