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Financial analyst Beth Kindigon Monday cited an I/O Fund analysis that projected <a href="https://xpertsstudio.com/ethereums-golden-cross-vs-bitcoin-what-it-means-for-traders/” title=”Ethereum’s Golden Cross vs. Bitcoin: What It Means for Traders”>Bitcoin’s(CRYPTO: BTC) long-term price target at $2 million, despite a weak near-term outlook.
Still No Conclusive Bottom Signal?
Kindig said in an X post that although calls for a Bitcoin bottom are becoming more frequent, several signals indicate the bear market may not yet be over.
The I/O fund analysisfound that Bitcoin’s aggregate volume has dropped to its lowest level in two years, indicating a lack of buying interest near the recent low.
The analysis found similarities to the 2022 bear market, marked by sharp vertical declines followed by messy and overlapping bounces.
“There has been a clear shift in the dominant trend, which is being confirmed by simple trend analysis and volume analysis, and until these signals shift, we remain cautious of any bounces,” the analysis read.
Bitcoin to $2 Million in Long-Term?
The I/O Fund said that while its intermediate-term outlook on Bitcoin isn’t “great,” its long-term outlook remains bullish.
“We believe the end of the current bear cycle could set up an exceptionally powerful move higher. Our long-term technical roadmap points to Bitcoin eventually trading above $2 million,” it added.
The analysis linked Bitcoin’s potential with America’s ballooning debt problem, with the debt-to-GDP ratio at 121%. It said the government may print money to cover bills and pass the cost burden to citizens through inflation.
“This is where Bitcoin becomes not merely interesting, but structurally important. Unlike the U.S. dollar, which must expand by roughly 6% annually just to cover the deficit, Bitcoin cannot be inflated,” I/O Fund said.
Bitcoin Crosses $80,000
The research came asBitcoin staged a strong rebound, breaking past the $80,000 mark for the first time in over three months.
Bitcoin rose roughly 22% in one week, versus a typical weekly move of about 3%. It also broke above its 200-day moving average.
Jordi Visser, head of AI Macro Nexus Research at 22V Research, said in a note published Monday that this move signals a major macro shift.
Price Action: At the time of writing, BTC was exchanging hands at $80,210.28, up 4.22% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: PJ McDonnell on .com
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