Will Pi Coin Price Hit $10 Soon? Analyst Updates His Pi Network Analysis

Crypto analyst Gerhard is examining the possibility of Pi Coin (PI) price hitting $10 as the token continues its remarkable recovery from the lows of March 2023.

In a recent video, the crypto expert, who has 138K subscribers on his YouTube channel Bitcoin Strategy, provides insights into the factors driving Pi's surge and where the token could go from here.

What Happened: Highlighting a Binance guest article, the analyst notes a massive $70 million Pi token purchase was executed on OKX on May 10. This sparked rumors of a potential Binance listing for Pi Network, which could further increase the token's exposure and demand.

This move may have also triggered a classic short squeeze, with Bitget's spot volume reaching $500 million and Gate.io's futures volume exceeding $1 billion, Gerhard explains. Such a disparity between spot and futures trading usually forces short sellers to buy back the token, rapidly driving up its price.

Indeed, following this event, Pi token has soared more than 71%, forming a steep, vertical price movement.

See More: Best Cryptocurrency Scanners

Could Pi Coin Price Reach $10 or More?

Gerhard compares Pi Network's price action to its relative performance against Bitcoin (BTC). Initially, Pi Coin showed promise but then underperformed BTC for a while. However, the whale buy seems to have marked a shift in momentum.

If the Pi token returns to its previous peak versus Bitcoin from February 27, it could gain another 190%. At that point, Pi Network would be sitting at a $26 billion market cap, slightly higher than TRON, and trading at around $365.

However, the analyst cautions that calling the exact top is never a good strategy. Instead, he suggests gradually locking in profits as the price rises.

Furthermore, looking at the broader market, Gerhard notes that stablecoin inflows have been growing steadily since October 2023, which is typically a sign of fresh fiat entering the crypto space. When stablecoin dominance falls, investors tend to shift toward riskier assets, which often benefits altcoins like Pi Network.

Right now, stablecoin dominance is heading lower, a trend that has historically coincided with crypto bull phases. That backdrop could be giving Pi Coin an extra tailwind.

Early Movers Still Have the Edge

Gerhard also emphasizes the importance of timing in crypto. He tracks around 600 influencer wallets, including those of Brian Jung, Alex Becker, and Crypto Banter, to identify early moves.

One notable example was Jung's early purchase of Virtual Protocol at $0.07, which later surged over 6,000%. Similarly, razr (RZR) was bought early by Crypto Banter and has seen a 600% gain.

As Pi Coin price shows renewed strength, many will be watching to see if the rally has more room to run and if $10 is just the beginning.

We recommend eToro for a simple and social trading experience. It is one of the best platforms for beginners to get started with cryptocurrency.

Get started with eToro today and claim a bonus to boost your crypto trading

You can follow the latest crypto news and analysis on X (formerly Twitter) and Bandera TV.

This article is written with the assistance of AI and has been reviewed by Benzinga editors.