Bitcoin Price to $500,000? Top Proponent Shuts Down Bear Market FUD

Key Insights:

• Bitcoin USD price proponent Luke Broyles dismisses speculations that BTC is in a bear market, predicts outcomes between $250,000–$500,000.
• Analyst stands on his earlier analysis that BTC will bounce back from current lows and climb to new highs.
• Thailand’s SEC pledges support for crypto by planning to introduce comprehensive ETF regulations.

Luke Bryoles, a long-time Bitcoin USD price optimist, argued against speculations that the leading coin is currently in a bear market. In fact, Broyles predicted that BTC price could hit the $500,000 mark, based on the price movement of Gold.

Is Bitcoin USD Price Really in a Bear Market?

Broyles pushes back against pessimistic Bitcoin price prediction, focusing on its historical performance patterns relative to Gold.

Specifically, Bryoles responded to a post from market analyst Zynx. In his post, Zynx said BTC USD price is in a bear market, confirmed by its pricing in Gold.

Zynx pointed out that Bitcoin is down approximately 50.66% over 12 months against Gold. The analyst added that BTC would need an approximately 116% increase to surpass its previous all-time high.

Considering this, Zynx noted that the Bitcoin USD price needs to climb to about $191,000 before a true bull market is confirmed. He therefore urged investors not to get fooled by the USD debasement.

Responding to Zynx, Bryoles argued that when Bitcoin hit an all-time high, the price usually increased two times against gold.

At current gold prices, a 2x from the recent base would point to BTC around $382,000, according to Bryoles. More realistically, the Bitcoin proponent noted that the coin could fall between $250,000–$500,000, depending on gold price movement.

Finally, Broyles dismissed extreme bearish views that expect BTC price to crash back to $40,000. Instead, he sees the current weakness as temporary, urging holders not to sell their stash.

Bitcoin Price Analysis Shift

Another crypto analyst, Kripto Messi, on X, has also raised a bullish prediction for the Bitcoin USD price. Kripto Messi said BTC’s recent price movements are matching his Jan.9 analysis and chart setup exactly as expected.

In his Jan.9 analysis, the analyst revealed BTC price was trading sideways inside a defined price range.

He highlighted the “red lines” that marked the upper and lower boundaries of this consolidation zone. At the time, the BTC price persistently bounced between the lines without breaking out.

The analyst also urged users to watch for the 4h CME gap to provide support for the coin. In Bitcoin trading, these gaps are famous because they have a strong historical tendency to get filled. When this happens, prices return to trade through that gap area later.

Kripto expects the lower edge of this unfilled CME gap to act as support. Thus, if the price dips toward that gap level, it could hold and reverse upward instead of breaking lower.

Although the analyst recognized that nothing in markets is 100% certain, his overall outlook for BTC is extremely bullish. He emphasized that Bitcoi price is setting up for the next important move.

Thailand Bitcoin ETF Impact on Price

In a parallel development, the Thailand Securities and Exchange Commission (SEC) has announced plans to release comprehensive regulations for crypto ETFs this year.

The new rules will cover investment and operational requirements for crypto exchange-traded funds (ETFs). Accordingly, it will treat Bitcoin and other digital assets as a formal asset class under the Derivatives Act.

According to reports, the Thai SEC also plans to introduce crypto futures trading on the Thailand Futures Exchange (TFEX).

Thai regulators claim crypto ETFs are particularly attractive to investors because they eliminate concerns over hacking and wallet security.

This upcoming regulatory expansion builds on Thailand’s prior progress in the crypto space. Last year, the Thai government said it plans to modernize its financial markets while supporting digital assets.

In the previous year, Thailand’s cabinet approved a tax exemption for crypto earnings to promote investment token fundraising.

As regards the Bitcoin USD price, the crypto has shown modest positive movement today. In the past 24 hours, BTC USD price increased minimally by 0.8% to trade around $89,960.