The crypto world is buzzing with excitement due to the soaring price of Bitcoin and massive inflows into BTC spot ETFs. From $500 million to $650 million daily, his liquidity has increased with an injection of $650 million, setting the stage for a possible surge in his BTC that could break historic records within the next month.
In January, Nathan Sloan made a bold prediction that continues to garner attention. The idea is that Bitcoin will reach a monumental level of $100,000 in 2024. Following Bitcoin's recent rally, burning questions remain:
Are we still on track for this important milestone?
Cracking the Sloan Code: Guided by Inflation Trends
Sloan's video analysis hinges on a key element: inflation trends. Sloan uses Trueflation's real-time inflation indicator to highlight its importance in fundamental analysis (FA) of the crypto market. Despite its imperfections, he emphasizes its value as a guide for understanding the impact of inflation, especially on assets such as cryptocurrencies.
Bitcoin ETFs take the lead
Sloan shifts focus and examines Bitcoin ETFs and their impact on market dynamics. Initially under selling pressure, particularly from Grayscale's Bitcoin Trust, Sloan noted a decline in selling activity. Instead, he has observed a surge in interest, primarily from large companies like BlackRock. This change suggests that selling pressure may be decreasing and institutional investor interest in Bitcoin may be increasing.
Also read: SEC's Gary Gensler: Bitcoin ETF consent does not guarantee Ethereum ETF approval
Market phase mapping
Sloan uses Plan B's stock-to-flow model to simplify his analysis and categorizes the current phase as “accumulation.” This stage, which includes stages such as distribution/sale, accumulation, and another bull market, indicates the potential for future profits and gives investors hope amidst market fluctuations.
Adding another layer, Sloan examines seasonality charts to understand the trajectory of the cryptocurrency market. By looking at past patterns, he predicts strength in the fourth quarter of the halving and the following first quarter, indicating that the prices of leading cryptocurrencies such as Bitcoin and Ethereum will rise significantly. .
Forecasts and key factors
Sloan concludes his analysis by referencing a logarithmic regression graph that predicts Bitcoin's potential trajectory. His prediction is that the price of BTC could reach $100,000 by the end of 2024 if macroeconomic factors align with the trajectory of the crypto market. However, Sloan emphasized that factors such as inflation trends, Bitcoin ETF activity, and market seasonality play a key role in achieving this milestone.
Read more: ChatGPT predicts Bitcoin rally to top $300,000 by 2025
In conclusion, Nathan Sloan's detailed analysis guides investors through the complex path of the crypto market. Sloan's insights highlight important data and market trends, helping investors achieve their financial goals with clarity and confidence. The cryptocurrency saga continues and all eyes are on this major milestone.
