Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Andrew Kang, Managing Partner at Mechanism Capital, on Friday forecasted a bullish future for Bitcoin (CRYPTO: BTC), suggesting that the leading cryptocurrency could reach $80,000 by May.
What Happened: His projections didn’t stop there, as he anticipated significant movements that could see Bitcoin breaking the $100,000 threshold shortly thereafter.
Bitcoin’s Ascent To $80,000
Kang’s optimism is grounded in the substantial support that Bitcoin continues to garner from diverse global entities.
Unlike previous market cycles dominated by a few large players, Kang believes the current trend upwards will be propelled by “the aggregate DCA (Dollar Cost Averaging) bid of millions of unique individuals/organizations across over 100 countries.”
This broad-based support is expected to drive Bitcoin’s price to new heights in a more sustainable and less volatile manner.
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Challenges Between $80,000 And $100,000
While Kang is confident about Bitcoin reaching $80,000 soon, he acknowledged a challenging stretch ahead before it can hit six figures.
“Between $80k and $100k, there will be significant supply to work through,” he explained.
However, he is optimistic that this will be swiftly managed as asset and wealth manager sales teams ramp up their efforts to market Bitcoin ETFs.
“Clearing this supply could only take a month, up to three on the longer end,” Kang added.
Breaking The $100,000 Barrier
The potential for Bitcoin to exceed $100,000 could trigger another substantial bull run, according to Kang. “Once the $100k barrier is broken, we go on another huge run again,” he stated, suggesting that psychological barriers often set by round numbers like $100,000 would become less relevant, with fewer sellers willing to part with their holdings just above that mark.
This scarcity of available supply versus ongoing demand could dramatically amplify Bitcoin’s price momentum.
What’s Next: These insights from a leading industry figure are particularly relevant as the financial community turns its focus to Benzinga’s upcoming Future of Digital Assets conference on Nov. 19.
Read Next: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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