According to CoinEdition analyst, $18 trillion is needed to bring BTC to $1 million within 3 months
© Alpha Footage $18 trillion needed to bring BTC to $1 million within 3 months. Analyst Ali tweeted this morning that more than $18 trillion is needed for BTC to reach $1M within 3 months. The analyst added that the current market sentiment suggests that the market has topped out. The price of BTC is down 1.91% at press time, according to CoinMarketCap.
Ali Cryptocurrency Analyst (@ali_chats) tweeted this morning that more than $18 trillion in (BTC) would need to be invested in order for the price of BTC to rise to $1,000,000 over the next 3 months. According to the post, the exact amount needed to raise the price of BTC to the $1,000,000 threshold is $18,797,203,666,237.
The analyst added that “this simplified calculation does not take into account factors such as market liquidity, order book depth, depreciation of the US dollar and other market dynamics.
Ali also included a tweet he made yesterday in which he stated that anyone talking about BTC hitting $1 million in the next 90 days could be a sign of a market signal.
According to CoinMarketCap, at the time of publication, the capitalization of the global cryptocurrency market has decreased over the past 24 hours. As a result, the total market capitalization of cryptocurrencies is estimated at $1.15 trillion. As for the crypto market leader, the price of BTC has fallen by 1.91% in the last 24 hours, bringing it down to just over $27k at $27,022.53 at press time.
However, BTC market dominance has grown by 0.15% and currently stands at 45.38%. The price of the cryptocurrency is also still in the green zone, +31.57% over the last week.
Daily chart for BTC/USDT (Source: TradingView)
The price of BTC is currently hovering just above the key $26.9k level. If it closes today’s session below this level, it is likely to drop to $24,800 in the next 24-48 hours.
The daily BTC RSI suggests that the BTC price has peaked in this latest move as the RSI line has a neutral slope and is closer to overbought territory than oversold territory.
Disclaimer: Views and opinions and all information provided in this price analysis are published in good faith. Readers should do their own research and do their due diligence. Any actions taken by the reader are carried out strictly at his own peril and risk. Coin Edition and its affiliates are not liable for any direct or indirect damage or loss.
The message “$18 trillion is needed to bring BTC to $1 million within 3 months,” says an analyst, first appeared on Coin Edition.
