In the ever-volatile world of cryptocurrency, one prominent figure is predicting big things for Bitcoin. Ryan Selkis, the controversial founder of Messari, recently set a bold price target for the leading digital asset. Selkis stated that he would not consider selling his Bitcoin holdings until the price reaches $180,000 or more. This target represents an 85% increase from the current price of around $97,200 per Bitcoin.
Selkis based his prediction on Bitcoin’s MVRV z-score, an indicator that measures the standard deviation between the market value and realized value of Bitcoin. This indicator is often used to identify extremes in the price of Bitcoin, signaling potential market tops and bottoms. Despite Bitcoin’s recent surge in price, the MVRV z-score currently stands at around 3, suggesting that there is still significant upside potential for the digital asset.
The market for Bitcoin and other cryptocurrencies has seen its fair share of turbulence in recent days, with Bitcoin experiencing a flash crash from $97,000 to near $94,000. This steep decline in price has led to fears of panic selling among investors. However, many analysts, including Selkis, believe that this volatility is a normal part of the market cycle and may actually be beneficial for the market in the long run.
One such analyst, IncomeSharks, reiterated this sentiment on social media, stating that volatility is bullish for the markets. This is a view that he has expressed in the past, following similar market behavior by Bitcoin in November 2023. Since then, Bitcoin has seen a significant increase of over 170%, suggesting that periods of volatility may actually be positive for the overall health of the cryptocurrency market.
With Selkis holding onto his Bitcoin tokens until the price reaches his ambitious target of $180,000 or more, it remains to be seen whether Bitcoin will continue its upward trajectory in the coming months. As the market for cryptocurrencies continues to evolve and mature, it is clear that volatility will remain a constant factor. However, for investors like Selkis who believe in the long-term potential of Bitcoin, these fluctuations in price are simply part of the journey towards achieving their financial goals.
