Bitcoin Could 'Eventually' Trade Above $2 Million, Beth Kindig Shares Analysis: End of Current Bear Cycle

Financial analyst Beth Kindig on Monday cited an I/O Fund analysis that projected Bitcoin’s (CRYPTO: BTC) long-term price target at $2 million, despite a weak near-term outlook.

Still No Conclusive Bottom Signal?

Kindig said in an X post that although calls for a Bitcoin bottom are becoming more frequent, several signals indicate the bear market may not yet be over.

The I/O fund analysis found that Bitcoin’s aggregate volume has dropped to its lowest level in two years, indicating a lack of buying interest near the recent low.

The analysis found similarities to the 2022 bear market, marked by sharp vertical declines followed by messy and overlapping bounces.

“There has been a clear shift in the dominant trend, which is being confirmed by simple trend analysis and volume analysis, and until these signals shift, we remain cautious of any bounces,” the analysis read.

Bitcoin to $2 Million in Long-Term?

The I/O Fund said that while its intermediate-term outlook on Bitcoin isn’t “great,” its long-term outlook remains bullish.

“We believe the end of the current bear cycle could set up an exceptionally powerful move higher. Our long-term technical roadmap points to Bitcoin eventually trading above $2 million,” it added.