Bitcoin may reach $586K by 2028, driven by M2 money supply, lost BTC, and black market inflows, according to Doctor Profit.
Bitcoin's current price range of $65K-$66K is critical; flipping $68K could signal a bullish trend towards new highs.
Doctor Profit predicts several 25-40% corrections, but Bitcoin’s long-term structure remains bullish with targets set at $586K.
An estimate by a popular cryptocurrency analyst Doctor Profit predicted that Bitcoin would hit $586,500 by 2028. Using the M2 money supply, gold flows, and inflows into the black market as its bases, his theory projects a rise in Bitcoin over the course of the next few years.
According to his prediction, the money supply would have increased from $21 trillion to $33 trillion by 2028, a 58% increase, giving Bitcoin plenty of potential to flourish. Things might get worse, if Bitcoin's $8 trillion market value crashes to its lowest point, up to 6 million units could be lost and more could be purchased on the illegal market.
https://twitter.com/DrProfitCrypto/status/1840443009751818539 Short-Term Bitcoin Resistance and Support Levels
A technical analysis of the price movement of Bitcoin highlights levels of short-term support and resistance. In terms of the cryptocurrency's future course, the current $65,000–$666,000 price range is crucial.
Bitcoin's bullish continuing towards new highs will be validated if it can turn around and break over the $66,000–$68,000 zone. But if it can't stay above $64,600, there will probably be a correction, which might push Bitcoin back below $60,000.
Trading enthusiasts are also keeping an eye out for probable retreats to important support levels, such $60,590 and $61,786. Since corrections of 25–40% are beneficial for long-term growth, a regression to these levels would not always signify a bear market. However, an upward momentum might be started if Bitcoin is able to break above $68,000 and continue to fall below greater lows.
Bullish Market Structure and Long-Term Growth
Furthermore, according to the analysis, the long-term market structure of Bitcoin is still positive, with higher lows expected to occur around $52,500. This change suggests that the trend may be reversing, which is consistent with Doctor Profit's prediction of continuous growth through 2028.
Because of this, investors are urged to concentrate on long-term goals rather than short-term swings, since it is expected that Bitcoin will experience multiple corrections on its route to $586,000.
Although Bitcoin will likely encounter short-term resistance, the market's overall view is still positive. With the money supply expanding and BTC disappearing, Bitcoin may hit unprecedented heights in the next years.
The post Bitcoin’s Path to $586,500: Money Supply and Market Trends Fuel Optimism appeared first on Crypto News Land.
