Bitcoin’s price has experienced an extraordinary surge in 2024, climbing nearly 140% from $42,000 to over $100,000. While many investors are celebrating these gains, Messari founder Ryan Selkis remains steadfast in his approach and isn’t ready to cash out just yet. In a recent statement on December 9, Selkis revealed that he would not even consider selling his Bitcoin holdings until the price hits $180,000—an ambitious target that would require an 85% increase from its current value.

The Basis for Selkis’ $180K Target

Selkis’ bullish outlook is backed by his analysis of the MVRV z-score, a key indicator that compares Bitcoin’s market value to its realized value. The MVRV z-score helps identify potential market tops and bottoms by showing how far Bitcoin’s price deviates from its historic average. When the z-score is between 7 and 10, it historically signals market tops, often suggesting that Bitcoin is overbought. However, as of now, the MVRV z-score is sitting around 3, which suggests there is still significant room for upward price movement before reaching its peak.

This data gives Selkis the confidence that Bitcoin’s current price, while already impressive, still represents a buying opportunity, and that the cryptocurrency could continue its ascent toward the $180,000 mark.

Bitcoin’s Volatility and Market Corrections

While Bitcoin’s growth has been remarkable, the journey has not been without turbulence. Just recently, Bitcoin experienced a flash crash, with its price dropping from $97,000 to around $94,000. However, many investors, including Selkis, view such volatility as a normal part of the market cycle. In fact, sharp price corrections like these can serve to shake out weaker investors, providing an opportunity for stronger hands to accumulate more Bitcoin at discounted prices.

Renowned market analyst Income Sharks also agrees that volatility is often beneficial in the long term. He points out that price fluctuations allow investors with strong conviction to add to their positions, helping to solidify the market’s foundation before the next leg up. This belief aligns with Selkis’ perspective, as he expects Bitcoin’s price to stabilize and continue its upward trend once the market settles.

Why Bitcoin Could Keep Climbing

Several factors contribute to Bitcoin’s long-term growth potential. The cryptocurrency has seen increasing institutional adoption, with major financial institutions showing interest in Bitcoin as a hedge against inflation and economic instability. As more companies and institutional investors embrace Bitcoin, its demand and price could rise significantly.

Additionally, Bitcoin’s fixed supply—capped at 21 million coins—creates a supply-demand dynamic that could drive prices higher in the future. As more investors seek to own a piece of the limited supply, the upward pressure on Bitcoin’s price becomes more evident.

Selkis’ Long-Term Confidence

Selkis, who is known for his strong belief in Bitcoin’s future, remains unshaken by short-term market fluctuations. For him, Bitcoin represents a long-term investment with immense potential. He sees the cryptocurrency as a store of value, particularly in light of ongoing global economic uncertainty. By holding onto his Bitcoin until it reaches $180,000, Selkis is betting on the future success and widespread adoption of Bitcoin as both a store of value and a global financial asset.

Conclusion

Despite Bitcoin’s impressive gains in 2024, Ryan Selkis believes the cryptocurrency still has significant room to grow. Backed by the MVRV z-score, Selkis remains confident that Bitcoin’s price will continue to rise, with $180,000 as a key target. While the market experiences volatility and corrections, Selkis’ long-term outlook underscores his belief in Bitcoin’s fundamental value. As institutional adoption grows and Bitcoin’s supply-demand dynamics continue to evolve, the cryptocurrency could be on track to reach new all-time highs in the coming years.