A prominent crypto trader predicts Bitcoin BTC/USD to reach $586,500 by 2028, based on a variety of economic factors and market trends.
What Happened: Trader Doctor Profit took to his social media account to outline his thesis based on factors such as the M2 money supply, the amount of new liquidity, the current movement of gold and the estimated number of lost bitcoin.
The trader expects the M2 money supply to grow by 58% from $21 trillion to $33 trillion by 2028, which he believes, will significantly boost Bitcoin’s value.
Another factor is the impact of black-market inflows on Bitcoin’s value, which “will benefit BTC heavily.”
Doctor Profit adds that market corrections are opportunities for savvy traders or long-term holders. He expects to see 3-4 massive 40-50% corrections on the way to his target of $580,000.
Also Read: Bitcoin Back Below $64K: Watch This ‘Line In The Sand’ For Directional Bias, Says Veteran Trader
Why It Matters: Doctor Profit’s prediction is significant as it provides a long-term perspective on Bitcoin’s potential growth. He emphasized that despite potential corrections and market fluctuations, the overall trend for Bitcoin is upward.
“There is a big point of misunderstanding: When there is a clear target of $580,000, starting from $60,000, there is no bear market for an investor that plans to hold for 4 years,” the trader points out.
Price Action: In the past 24 hours, BTC is trading 0.5% higher at $63,890. Over the past four years, Bitcoin prices have grown by about 500%.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image created using artificial intelligence with Midjourney.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
