Crypto Analyst Sees Bitcoin Hitting $586K by 2028, Warns of Big Corrections Ahead

• Analyst forecasts Bitcoin hitting $586,500 by 2028, with M2 supply rising 58% to $33 trillion.
• The analyst highlights black market inflows and 6M lost Bitcoin as key factors boosting BTC’s future value.
• Three to four major corrections of 40-50% are expected en route to Bitcoin’s projected $586,500 target.

Bitcoin is expected to experience major growth, according to crypto analyst DrProfitCrypto, who shared an optimistic outlook based on various economic factors. His analysis is rooted in the M2 money supply, gold’s market cap, inflation, and Bitcoin’s decreasing supply. 

The analyst expects Bitcoin to reach a price target of $586,500 by 2028, fueled by an anticipated 58% increase in M2 money supply, from $21 trillion to $33 trillion, and a BTC market cap of around $8 trillion. The forecast is based on several key elements, including lost Bitcoin and the black market’s impact on liquidity.

Economic Indicators Supporting Bitcoin Growth

DrProfitCrypto’s calculations are heavily influenced by several macroeconomic factors, including the relationship between gold’s estimated market cap and Bitcoin’s future price. He projects that the diminishing BTC supply, caused by 6 million lost coins, will further drive its value. 

Additionally, he highlights the substantial role of black market inflows, which, while controversial, could boost Bitcoin’s trajectory. He anticipates that this liquidity, combined with rising inflation and the increasing money supply, will serve as a strong driver for Bitcoin prices.

Technical Corrections Along the Way

While DrProfitCrypto is optimistic about Bitcoin’s long-term future, he notes that the journey to $586,500 will not be smooth. He foresees three to four major corrections of 40-50% each, which could cause sharp drops in price at key levels. Notably, the $120,000 to $150,000 range is expected to be one of the first major correction points. 

The next resistance level could occur near the $220,000 range. Despite these expected corrections, he maintains that such drops are healthy and necessary, offering potential buying opportunities rather than indicating a prolonged bear market.

Potential Short-Term Bearish Movements

In the short term, technical indicators such as the MACD and Fibonacci retracement levels suggest bearish momentum for Bitcoin. 

The price recently broke through key support levels, and further downward movement could occur if the price fails to hold above $63,467. However, if Bitcoin can reclaim the $66,476 resistance level, a renewed bullish trend might follow.