Bitcoin hit another new all-time high yesterday. Bitcoin's all-time highs are always great and exciting to see. Bitcoin under $50,000 was great because we had the chance to enhance our position in the market and who knows, it might have also been our last opportunity to do that. Bitcoin is surging higher, but we could see Bitcoin at 77 thousand dollars by the middle of May and 115 thousand dollars by the beginning of August.
Looking at the charts, you will notice that Bitcoin is moving well. We have a nice and strong green breakout candle. We also had volume backing it up exactly how we wanted it to be, strong breakout, and strong volume coming out of the big ascending triangle pattern. The target of this pattern is expected to bring us around 77 thousand dollars. We have a lot of room to grow for the particular rally for Bitcoin. That is a lot of gains for Bitcoin; it will be adding another eight to twelve thousand dollars to the original price of Bitcoin over the next few weeks.
There is a possibility that we may be coming down to test the triangle before pushing higher, but currently, we are in good price action.
Some individuals at Pantera capital have been doing very well in nailing down their predictions for Bitcoin, based on the stock inflow projection for Bitcoin. A year ago, they predicted that Bitcoin would hit $62,968 this week, and Bitcoin did that. Looking forward to the predictions, you will notice that the May 15th prediction of $74,474 is very close to the breakout target for the ascending triangle on the chart above. It is exciting to see the breakout target and the stock-to-flow projection lining up closely.
If you also look ahead in the schedule, you can see that the prediction for June 15th at $88,576, the prediction for July 15th at $104,761, and August 1st, according to Pantera Halving Stock-To-Flow Projection, we could see Bitcoin at $115,212. We can see Bitcoin doubling between here and August, so we have only a few months to go before seeing Bitcoin putting a trillion dollars extra on top of its total capital.
Bitcoin versus some of the top tech stocks (Microsoft, Apple, Amazon, and Google) was the fastest asset to reach a trillion-dollar market capital. It took Microsoft 44 years to reach a trillion dollars; it took Google 21 years while taking Bitcoin only 12 years.
You may now begin to wonder how long it will take Ethereum to reach a trillion-dollar market capital. From the look of things, Ethereum might get to that point faster than Bitcoin did.
Bitcoin is the gold of the crypto market. Bitcoin has done a whopping 10x within the space of about 12 months and may do a 2x before the end of this year. Bitcoin is indeed the safest store of value that many big money institutions and countries are investing in.
