Bitcoin Price Could Hit $50,000 Soon: Here’s Why

• Angel metrics indicate Bitcoin has hit its bottom and is on the rise again.
• Institutional adoption is increasing with BlackRock and Fidelity investing in Bitcoin-related companies.
• Growing use cases such as trading NFTs and smart contracts make Bitcoin a great medium for exchange and store of value against inflation.

Angel Metrics Indicate Bitcoin Has Hit Its Bottom

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 – angel metrics, institutional adoption, and growing use case. His first reason focuses on angel metrics which indicate that Bitcoin is recovering from its bottom. These include the Rhodo ratio, MVRV score, realized cap hold of waves, reserve risk – all suggesting that Bitcoin has hit its lowest point using previous data. Additionally, the fractal pattern shows a similarity to 2019 when Bitcoin shot upwards after going sideways for some months.

Institutional Adoption Is Increasing

Tung’s second reason is institutional adoption – both BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own funds and exchanges. BlackRock holds physical bitcoin with a $15 billion fund while Fidelity is already involved with miners and institutions – showing these companies are serious about investing in BTC. This increased institutional adoption brings significant money into the space which can drive up prices further.

Growing Use Cases Are Making BTC Attractive

The most recent success of the first ever NFT collection indicates demand for digital art which can be stored on the upgraded BTC blockchain allowing storage of images on it. Stacks project helps dApp makers program on top of BTC with 35K smart contracts already deployed making it an attractive medium for exchange due to its lightning network capabilities making it a potential store against inflation appealing to many investors.

Conclusion

George Tung’s analysis suggests BTC could hit $50k soon due to angel metrics indicating recovery from its bottom combined with increasing institutional adoption bringing significant money into the space along with growing use cases making it an attractive medium for exchange due to its lightning network capabilities making it a potential store against inflation appealing to many investors . However he advises caution before any investment decisions are made as of press time BTC was worth $24,876

§ Bullet Points:
• Michael van de Poppe has predicted an imminent surge for Bitcoin, expecting it to reach $40,000 by June 2023.
• Technical analysis suggest rising selling pressure, with a potential low of $22,050 in the near future.
• The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250.

Michael van de Poppe Predicts Bitcoin Surge

Cryptocurrency expert Michael van de Poppe has predicted an imminent massive surge for Bitcoin, expecting it to reach $40,000 by June 2023. Currently trading above a crucial level and with increased trading activity signaling a growing momentum in favor of bulls, the leading cryptocurrency may experience a dramatic rise if it breaks through the resistance level of $23,200. Van de Poppe also acknowledges the potential for a drop to extract liquidity but believes this could provide a favorable buying opportunity.

Market Capitalization & Trading Volume

Bitcoin currently has a market capitalization of $438.2 billion and trading volume of $40.7 billion over the past 24 hours; however its value has decreased by 2%. In order to maintain its position as the number one cryptocurrency its price will need to remain above its current level or else it could experience further decline towards the estimated target of $22,100; which is supported by an ascending trendline.

Technical Analysis

Technical analysis reveals rising selling pressure due to indicators such as RSI and MACD potentially leading to a new low of $22,050 in the near future. Meanwhile the 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250 before any further increase in value can be seen.

Potential Resistance Level

Breaking through the current resistance level at $23,200 would drive Bitcoin prices towards next immediate resistance level at $25,000 according to Van de Poppe’s prediction though he notes that extracting liquidity from any pullback is expected too.

Conclusion

At this moment it remains unclear which direction Bitcoin’s price will take though Van de Poppe’s prediction provides some insight into what we might expect in terms of growth over coming months and years ahead. With increased trading activity indicating increasing bullish sentiment and technical analysis revealing rising selling pressure there are still many factors at play influencing how far Bitcoin can go up or down from here on out.