Bitcoin (BTC) May Skyrocket to $5 Million Says Cryptocurrency Analyst

Despite the fact that the top-ranked digital currency Bitcoin (BTC) is not making a big move while being trapped in the range between $10,000 and $11,000, a cryptocurrency analyst is still extremely bullish on Bitcoin. A famous cryptocurrency analyst and BTC influencer, Carl the Moon has said in an interview that the price of the major digital currency may hit $5 million. Carl the Moon is a popular crypto analyst in the cryptocurrency industry and has around 170,000 followers on YouTube and Twitter.

Carl the Moon appeared in an interview recently where he has presented a highly bullish prediction for Bitcoin saying its price is eventually going to touch the $5 million mark. Explaining his point of view further, he said that his prediction basically relies on the fiat currencies’ future. He said that if Bitcoin can surpass fiat currency in terms of market capitalization then there is more likely a chance that it will take the price value of Bitcoin to $5 million.

$14,000 is the short-term target for Bitcoin now

In the short-term case scenario, Carl said that Bitcoin will break above its all-time high value that stands at around $20,000. He said that the leading cryptocurrency cannot initiate a macro uptrend until it breaks above this price figure. However, for Bitcoin to reach this level it needs to break a crucial price level that is $14,000. To climb above the $14,000 is the next short-term target for Bitcoin at the moment, he said.

Describing the short-term case scenario for Bitcoin, Carl said that the current state of Bitcoin shows that it is surely in a bull market. However, he said that he does not think Bitcoin has started a major bull-run so far because it has not been able to cross above $14,000 so far. The only case for Bitcoin to ensure that it is completely in a bull market is to surpass this price level of $14k.

Adding more to it, he said that Bitcoin cannot reclaim $20,000 until the $14k level is broken. He also pointed out that if the price value of Bitcoin faces rejection at this resistance level, then it will really put the leading digital coin into a bad position. Carl claimed that once Bitcoin reaches $20,000 successfully, it will open up a way for BTC to head toward $5 million. Currently, the price value of Bitcoin is standing at around $10,600 at the time of writing.