In a video update released yesterday, James Mullarney, the host of the popular YouTube channel “InvestAnswers,” talked about when people should buy Bitcoin to see the “biggest gains.”
Mullarney predicts a potential positive trend in Bitcoin’s price in the coming months, particularly in April and May, which are historically known for high returns on investment. According to Mullarney, buying in March is crucial to ensure gains in April, as the next 60 to 90 days usually bring the biggest returns.
Mullarney notes that there is heavy bullish action on Deribit, with many investors buying calls with strikes ranging from $25,000 to $32,000, indicating confidence in Bitcoin’s potential growth in the next few months. He cautions that market corrections are always possible, but his analysis suggests a potential positive trend in Bitcoin’s price in the coming months.
In a different video released on 20 December 2022, Mullarney said:
“I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024... I do believe we could hit about $61,000, or $62,000 by April 2024 – and that is right at the halving of April/May 2024...
“If Metcalfe’s Law holds, which it does for all other industries, the conservative model has Bitcoin reaching… 3.4 million [wallets] by the year 2030… But that assumes the increase in usage follows the trend we’ve had since the beginning of time over the past 11, 12 years. Now that also assumes over one billion users, active users, on the actual chain… Now cutting that in half, from one billion users down to 500 million, would get us to a $1.5 million Bitcoin price… Adoption is the key, and the adoption needs to go up 500x from today for that price [of $1.5 million] to be achieved.“
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Featured Image via Pixabay
