This Crypto Billionaire Expects the BTC price to Touch $88,888 in Two Months

By Bhushan Akolkar
Published August 23, 2021 Updated August 23, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

This Crypto Billionaire Expects the BTC price to Touch $88,888 in Two Months

By Bhushan Akolkar
Published August 23, 2021 Updated August 23, 2021

The world’s largest cryptocurrency Bitcoin (BTC) has made a move above $50,000 levels with its market cap approaching $950 billion. It is for the first time since May 15, 2021, that Bitcoin has crossed these levels. As of press time, BTC is trading 2.37% up at a price of $50,268.

Zhu Su, the founder of Three Arrows Capital and crypto billionaire predicts that Bitcoin can touch a new all-time high of $88,888 and that too within two months from here. It means the analyst is eyeing another 75% appreciation from the current levels.

The world’s largest cryptocurrency Bitcoin has recently caught up northward momentum by gaining over 60% in the last three months. The bulls and institutional players have been raging in with the Bitcoin network activity also picking up strongly. On-chain data provider Santiment reports:

Bitcoin has broken a market value of $50,000 for the first time since May 14th, and its coinciding with the biggest increase in development activity… also since May. If #github submissions continue pushing higher here, it will be a promising sign.

Courtesy: Santiment

Bitcoin (BTC) On-chain Metrics

The on-chain developments for the Bitcoin network are very healthy. Data from Glassnode shows that a massive 86% of Bitcoin addresses have turned profitable for the first time in three months.

Courtesy: Glassnode

Furthermore, citing data from Glassnode, Chinese journalist Colin Wu reports: “The number of long-term held or lost BTC has reached 7,131,084, accounting for about 33.96% of the total, which is the highest point in the past five months. This part of the Token can be regarded as out of circulation”.

At the current price point, the Bitcoin Fear and Greed Index is showing up at 76 levels. This suggests extreme greed in the market at the current BTC price levels. However, the index score is still than 95, last seen in February 2021. It will be interesting to see how the BTC price moves further from here.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
775 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Loading Next Story