Renowned crypto analyst Charles Edwards has issued a bullish forecast for Bitcoin, based on the stages of its previous cycles. He believes cryptocurrency is on the brink of significant growth.
Bitcoin Growth Forecast
Bitcoin, the first cryptocurrency, is poised to enter the 'parabolic phase' of its growth. According to analyst Charles Edwards, this will occur once the price reaches $100,000.
Factors Influencing BTC Price
Edwards noted that Bitcoin only shows parabolic growth once every four years. In 2018, this phase led to a 481% price increase, while in 2022 it saw nearly a 600% rise from the cycle's low. The current phase began in mid-November 2022, when the price stood at $15,000.
Current Market Situation
Bitcoin reached $98,000 on major spot exchanges. At the time of publication, the price is holding at $97,700. Over the last 24 hours, traders lost $114 million due to liquidations, with most being short positions.
Charles Edwards developed a model showing the correlation between Bitcoin price and electricity costs as well as demand for digital gold. He predicts the price could reach $100,000 by 2025.
