- The analyst added that current market sentiment suggests that the market has reached a top.
- BTC’s price is down 1.91% at press time according to CoinMarketCap.
Crypto analyst Ali (@ali_chats) tweeted this morning that more than $18 trillion will need to be invested in Bitcoin (BTC) in order for BTC’s price to rise to $1,000,000 within the next 3 months. According to the tweet, the exact total needed to elevate BTC’s price to the $1,000,000 threshold is $18,797,203,666,237.
The analyst added that “this simplified calculation does not account for factors such as market liquidity, order book depth, depreciation in the US dollar value, and other market dynamics.
Ali also included a tweet he made yesterday wherein he stated that everyone talking about BTC hitting $1 million in the next 90 days may be a sign of a market top signal.
At press time, the global crypto market cap has declined in the last 24 hours according to CoinMarketCap. As a result, the total crypto market cap is estimated to be $1.15 trillion. With respect to the crypto market leader, BTC’s price slumped 1.91% over the last 24 hours – bringing it down to just above $27K at 27,022.53 at press time.
BTC’s market dominance has risen 0.15% however, and currently stands at 45.38%. The crypto’s price is also still in the green at +31.57% over the last week.
BTC’s price is currently hanging just above the key $26.9K level. Should it close today’s session below this level then it will likely drop to $24,800 in the next 24-48 hours.
The daily RSI indicator for BTC suggests that BTC’s price has reached the peak for this latest move as the RSI line is sloped neutrally and is positioned nearer to overbought territory than oversold territory.
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