The analyst predicts Pi Coin may witness an “organic price increase” from August end.
Pi Coin price bounced back today, adding more than 5% during writing, amid the renewed confidence of the market participants.
This has sparked discussions among Pi Community members, with analysts hinting at what lies ahead for the project.
Besides, speculations also mount with Pi2Day just around the corner on June 28. Meanwhile, with soaring discussions, a renowned expert has recently dismissed his earlier claims that the Pi Network price will drop below $0.4, which has caught the eyes of traders.
The global crypto market saw a surge of over 4% in its market cap to hit $3.25 trillion. This indicates the growing confidence of traders in the digital assets space, with Bitcoin and most of the top altcoins recording significant gains.
Pi Network price also appears to have benefited from this renewed market interest in the crypto market. Notably, Pi Coin price jumped around 5.5% at writing time and exchanged hands at $0.5328.
It’s worth noting that the crypto has dropped below the brief $0.5 support in the last 24 hours and touched a low of $0.4961. Its one-day high was recorded at $0.5415.
Meanwhile, Pi Network has consolidated between $0.47 and $0.79 over the last 30 days. Despite its recent gains today, the crypto has lost more than 30% in the monthly chart, while losing around 6% in the past seven days.
Amid the ongoing recovery, Dr Altcoin appears to have regained confidence in the asset. Notably, he has cited the Iran-Israel ceasefire update as the potential reason for the latest recovery.
Besides, he also said that Pi Coin price is not likely to dip below its all-time low of $0.4, indicating his confidence in the asset.
However, this latest statement contradicts his earlier predictions, where he hinted that the crypto might dip below $0.4 in August.
In addition, he also previously predicted Pi Network to stay at the $0.4 range until the end of August, which has fueled market concerns.
Despite that, his recent comments have bolstered market confidence while showcasing his confidence in the long-term potential of the asset.
Dr Altcoin also said that Pi Coin price might witness an “organic price increase” from August end. He noted that the “start of significant reduction” in unlocked Pi supply would help gains in the asset.
For context, the Pi Coin unlock will start to decrease from August. In other words, the supply in the market will be lower in the market from August, which might drive the price higher.
Meanwhile, a total of 274.1 million Pi Network tokens are scheduled to unlock in July, valued at $145.81 million at the current price. On the other hand, the total unlock in August will be only 132.5 million coins, worth $70.5 million.
Considering that, the lower supply might help gains in the asset, given the demand-supply mechanism. Besides, the latest report highlighted the growing appeal of Pi Network among investors, while hinting towards a potential rally to $5 or a new ATH ahead.
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