Bitcoin Price Prediction: When Will BTC Reach $50k?
• George Tung presents three reasons why Bitcoin price can hit $50k soon – angel metrics, institutional adoption, and growing use case.
• Angel metrics indicate that Bitcoin has hit its lowest point using previous data.
• Institutional investors such as BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own funds and exchanges.
Bitcoin Price Analysis
Why Bitcoin Price Can Hit $50k Soon?
George Tung has released a new analysis video discussing the potential of Bitcoin to hit $50,000 by June. He presents three reasons for his argument which include angel metrics, institutional adoption, and growing use case.
Tung cites several indicators which suggest that Bitcoin has reached its bottom. These include the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk. Additionally, the fractal pattern similar to 2019 is seen again where there was sideways movement before prices shot up again.
BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own funds and exchanges. BlackRock holds a $15 billion Bitcoin fund while Fidelity is already involved with miners and institutions. This increased institutional adoption shows that these companies are serious about investing in Bitcoin which will bring more money into this space.
Growing Use Case
The success of the first ever NFT collection indicates a demand for digital art while upgrades to the blockchain allow for storage of images on it as well as programming through Stacks project with 35,000 smart contracts deployed on it so far. The Lightning Network also makes it easier to make transactions using Bitcoin making it a great medium for exchange against inflationary assets which appeals to many investors.
Tung is confident in his prediction but advises investors to do their own research before investing any money into this currency (BTC currently worth 24,876 USD).