Expert Predicts Bitcoin (BTC) to Go Parabolic After $100,000
Charles Edwards, a seasoned crypto analyst and founder of Capriole Investments, has shared a bullish macro forecast for Bitcoin (BTC). According to his analysis, the largest cryptocurrency is on the brink of entering a ballistic run based on a pattern observed in the last three cycles.
Edwards, who has a massive following of 113,000 on Twitter, predicts that Bitcoin (BTC) will enter the “parabolic phase” of its price growth once it reaches the $100,000 per coin level. This stage marks the peak of its ongoing bull run, characterized by exponential price increases.
Historical Performance
- In 2018, Bitcoin’s parabolic phase led to a 481% price increase.
- In 2022, the cryptocurrency experienced an almost 600% price spike from the cycle’s low.
The current cycle saw its lowest point in mid-November 2022 at $15,000, triggered by the panic following the FTX/Alameda collapse. Since then, Bitcoin’s price has surged by 553%.
Bitcoin Energy Value Model
In March 2020, Charles Edwards introduced the Bitcoin Energy Value price model, which accurately predicted Bitcoin’s price surge to $100,000 by 2025. This model is based on the correlation between Bitcoin miners’ electricity expenses, electricity prices, and the demand for digital gold.
Current Price Movement
Today, in the early morning hours, Bitcoin reached $98,000 on major spot exchanges, coming close to the $100,000 mark. As of now, its price is hovering around $97,700 as it attempts to maintain this level.
Over the past 24 hours, Bitcoin traders faced $114 million in liquidations, with nearly 70% of them being short positions.
CryptoQuant’s CEO Ki Young Ju had previously predicted that Bitcoin could drop below $59,000 by the end of the year.