By Solomon OdunayoA cryptocurrency analyst, Eric Wall, has recently explained how a $1 trillion equity leak could send the price of Bitcoin (BTC) to $56,000.
The price of Bitcoin (BTC) in the market has so far reacted well to the recently occurred halving, by surging beyond $9,000 resistance level. The price of the digital currency is now trending towards retesting $10,000 resistance.
This recent price resurgence of Bitcoin is already boosting the hope of many investors after the huge downtrend scare prior to halving.
Obviously, if Bitcoin (BTC) could sustain its recent positive trend, there is a possibility for the cryptocurrency to push beyond, for new yearly highs.
Eric Wall Foresees $56,000 Price Gain for Bitcoin (BTC) from $1 Trillion Equities Leak
Post-halving price predictions have started flowing, with various positive price forecasts for the king of coins, Bitcoin (BTC).
The latest crypto analyst to air his opinion regarding the price trend of Bitcoin in the market is Eric Wall, who sees the possibility of BTC fulfilling the wish of determined investors, by attaining $56,000.
He predicted that the recent positive performance of Bitcoin (BTC) and the weak performance of equities could lead to the movement of $1 trillion into Bitcoin.
He wrote:
“Bitcoin is a $170 billion asset. I could imagine that the coronavirus could drag us down to $30-40 billion worst case. But equities are $70 *trillion*. I could see $1+ trillion leaking into BTC because the equity market looks so cold. It doesn’t seem that unreasonable.
“If the coronavirus economic climate drags us down to $40 billion, but $1 trillion leaks into BTC from equities, we’d end up at $1.04tn. That would mean 1 BTC = $56k. If BTC fails to attract any capital from equities and we just go down to $40bn, we’d get 1 BTC = $2160 though.”
If the coronavirus economic climate drags us down to $40 billion, but $1 trillion leaks into BTC from equities, we'd end up at $1.04tn. That would mean 1 BTC = $56k.
If BTC fails to attract any capital from equities and we just go down to $40bn, we'd get 1 BTC = $2160 though.
— Eric Wall (@ercwl) May 14, 2020
The Most Bullish Bitcoin (BTC) Indicator Just Flashed a Buying Signal
According to a report made available by MMCrypto, the most bullish Bitcoin (BTC) indicator has just flashed a buy signal.
MMCrypto shared the new development a few hours ago. An illustrative chart that reveals previous buy signals, which ended in a huge price uptrend was captioned in the tweet.
MMCrypto shared this, “BREAKING: The MOST BULLISH BITCOIN Indicator just flashed a BUY Signal TODAY! The Puell Multiple sets Miner Revenue in relation to daily issuance value. ALL previous signals, hit the low EXACTLY!!!
“The halving cut the miners revenue. Now the Puell Multiple shows that BTC is more oversold than ever at the halving. If this 10 year history repeats, we won’t see BTC.”
The halving cut the miners revenue.
Now the Puell Multiple shows That $BTC is more oversold than ever at the halving.
If this 10 year history repeats, we won’t see #BTC sub $6‘000 ever again.
— MMCrypto (@MMCrypto) May 14, 2020