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.
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