The founder of Messari insists on holding onto his Bitcoin tokens until the industry firstborn clinches his ambitious price target.
In 2024, Bitcoin‘s price has surged nearly 140% from an opening price of around $42,000 to highs above $100,000. Despite this impressive showing, core holders suggest that there are still significantly more gains to come. Among them is the controversial Messari founder Ryan Selkis.
Selkis: “Wouldn’t Even Think About Selling BTC Until $180k+”
Selkis set a mouthwatering target for Bitcoin in the current bull market. In an X post on Monday, December 9, the prominent crypto figure asserted that he “wouldn’t even think about selling BTC until $180,000+.”
At current prices of $97,200 per Bitcoin, Selkis’ $180,000 target represents an 85% increase.
Selkis shared his view, citing Bitcoin’s MVRV z-score. The MVRV z-score is an indicator that measures the standard deviation between Bitcoin’s market value and realized value using a z-score standard deviation test. The indicator is often used to measure extremes in the leading digital asset’s price, often known as tops and bottoms.
The metric historically signals market tops when the z-score is between 7 and 10. However, at the time of writing, the z-score is around 3, signaling that Bitcoin still has significant upward potential.
Selkis’ recent Bitcoin prediction, citing the MVRV, comes as the market has recently endured significant volatility.
Market Turbulence
Over the past 24 hours, Bitcoin experienced significant turbulence, with a flash crash from $97,000 to near $94,000, dragging the broader crypto market into a deep correction.
Sharp price declines like this can typically lead to bouts of panic selling. However, like Selkis, most analysts maintain that the recent market volatility is par for the course. Prominent trader IncomeSharks reiterated that the ongoing volatility is favorable to the market.
#Crypto – Every year I find myself repeating the same things. “Volatility is bullish for the markets” pic.twitter.com/uYaaAXmoRw
— IncomeSharks (@IncomeSharks) December 9, 2024
The market analyst expressed this view, repeating the commentary he made on November 17, 2023, after Bitcoin showed similar market behavior. The asset is up over 170% since then.
