Bitcoin’s latest price spike, which saw the token cross the $48k mark, was welcomed by the cryptocurrency market. Investors have been more optimistic about BTC’s future price action in the previous 48 hours.
After a while of sideways trade, BTC spiked to hit $49,673 just shy of major resistance at $50000. At the time of writing, the token has retraced and is trading at $49121.
For the week ahead, BTC is expected to retest resistance at $50000 and surge higher.
The scenario is likely to play out as the momentum is strong. The price action has stayed above the 21 ema high for more than 2 weeks and the 21 ema high and low also have a steep angle.
Also, after breaching the “extreme greed” region, the “Crypto Fear & Greed Index” is now at 78. Nonetheless, the index is still much below its February high of 95.
Crypto Billianore makes bullish predictions
Su Zhu, co-founder and CEO of Three Arrows Capital, took to Twitter to disclose his incredibly precise Bitcoin price estimate of $88,888.
According to the crypto billionaire, the flagship cryptocurrency will be able to reach the aforementioned target in less than two months.
As for the long term predictions, Zhu in a recent interview with Up Only made a bullish case for BTC.
If Bitcoin were to eat into gold’s market share as the most valuable store of wealth, Zhu believes it may reach $2.5 million in the future.
“So then you’re already halfway there to $100 trillion and that will get you to $2.5 million per BTC and I think that that is definitely possible.”