The post Bitcoin Price Forecast: Here’s How and When BTC Price Will Hit $200K appeared first on Coinpedia Fintech News
As the world’s most valuable cryptocurrency, Bitcoin has been through numerous fluctuations, but cryptocurrency analyst George Tung believes that the digital currency is on its way to reaching the $200,000 mark.
George Tung’s Bitcoin Prediction
According to George Tung, the ongoing distrust in banks and Bitcoin’s previous cycles are key factors driving the cryptocurrency’s value surge. Bitcoin’s scarcity value is still increasing and it’s often analyzed through Phil B’s logarithmic curve, which shows the currency ending up somewhere around $200,000.
Other industry experts, including Kathy Wood, Michael Saylor, and Tim Draper, anticipate Bitcoin’s price to continue increasing. Although Mike Novogratz predicts Bitcoin’s price will reach $200,000, there are others who believe it could go higher in future cycles.
Cryptocurrencies’ utility is critical, and Bitcoin has been instrumental in developing several crypto-based projects. Mint Layer, one such project, aims to enable developers to build on top of Bitcoin Defi using smart contracts, right swaps, NFTs, dApps, and more.
The side chain already has a $4 million grant to attract developers to build on top of the platform. George believes that Bitcoin could also be utilized as a smart contract platform in the future.
Increasing crypto market cap
While Bitcoin is the most valuable cryptocurrency, the crypto market cap has been increasing, and it’s currently at 1.1 trillion dollars. Various cryptocurrencies have been performing well, including Objective Protocol, a popular dApp.