As the bullish momentum in the market continues to hold, many crypto investors have been wondering when the market would peak. This is because every smart investor does not want to be caught in the depressing web of the forthcoming and inevitable bear market.
Perhaps some of the aforementioned worries can come to a halt now following a recent prediction by renowed crypto analyst, Ben Amstrong, who says that the market will likely peak in August. He believes that Bitcoin will make a parabolic move around August that will see it reach a peak of between $290k to $320k.
But before Bitcoin reaches the above price range, in the view of Amstrong, it will first have to smash the $100k barrier. The prominent crypto trader says that the end of the second quarter will be very significant in the ambitious journey of Bitcoin towards the $100k price mark. According to the trader, the massive move of Bitcoin will largely be driven by the expiration of the quarterly future contracts. Here is how he puts it:
“I could definitely see Bitcoin hitting $100,000 by the end of June, maybe right before the quarterly futures contract close on June 30th. They will have a dramatic effect on the market just like we saw the quarter one, in March, had a dramatic effect.”
Amstrong then predicts that there will be a correction of about 30% in the market (similar to that which was recently seen in the market) before the parabolic run that would mark the end of the bull market. His assumptions are are based upon the stock-to-flow model. Here are his words quoted verbatim.
“I think the end of this bull run is the end of September, so we’ll give it another month to run, and then match the stock-to-flow, you know, somewhere between $290,000, $320,000.”
Amstrong recently gained some followers in the recent crypto market correction when he accurately predicted that $47k was the bottom for Bitcoin. It will be interesting to see how right or wrong he is this time around.