The post Here’s When Bitcoin (BTC) Price Will Hit $50k – Timeline appeared first on Coinpedia Fintech News
CryptoRUS’s George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June. Tung presents three reasons for his argument.
Why Bitcoin Price Can Hit $50k Soon?
Tung’s first reason focuses on angel metrics, which indicate that Bitcoin is recovering from its bottom. Tung cites several indicators, including the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk, which all suggest that Bitcoin has hit its lowest point using previous data.
Additionally, the fractal pattern that is similar to 2019, when Bitcoin shot upwards after going sideways for a few months, also supports his claim.
Tung’s second reason is institutional adoption. He highlights that BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own Bitcoin funds and exchanges.
BlackRock has a $15 billion Bitcoin fund and holds physical Bitcoin, while Fidelity is already involved with miners and institutions. This increased institutional adoption shows that these companies are serious about investing in Bitcoin and will likely bring in a significant amount of money into the space.
Lastly, Tung notes Bitcoin’s growing use case. The recent success of the first Bitcoin NFT collection indicates a demand for digital art, and upgrades to the Bitcoin blockchain will allow for the storage of images on it. The Stacks project also helps dApp makers program on top of Bitcoin, with 35,000 smart contracts already deployed.
This, combined with the use of the Lightning Network, makes Bitcoin a great medium for exchange and a potential store of value against inflation, which is appealing to many investors.
While Tung is confident in his prediction, he advises investors to exercise caution and conduct their own research before making any investment decisions. As of press time, BTC is worth $24,876.