Bitcoin Price to Hit $50k – Timeline
• George Tung’s recent analysis video predicts Bitcoin price could reach $50,000 by June.
• His argument for this prediction is based on angel metrics, institutional adoption of Bitcoin and its growing use case.
• He suggests investors to do their own research before making investment decisions.
George Tung’s first reason for the potential hit of Bitcoin price to $50k focuses on angel metrics which indicate that Bitcoin is recovering from its bottom. Several indicators such as Rhodo ratio, MVRV score, realized cap hold of waves and reserve risk suggest that Bitcoin has hit its lowest point using previous data. Additionally, the fractal pattern similar to 2019 when Bitcoin shot upwards after going sideways for a few months also supports his claim.
Tung’s second reason is the institutional adoption of Bitcoin by companies such as BlackRock and Fidelity who have invested in related companies and introduced their own funds and exchanges. BlackRock has a $15 billion fund and holds physical bitcoin while Fidelity is already involved with miners and institutions, showing their seriousness in investing in the digital currency space.
Growing Use Case
Tung also notes Bitcoin’s increasing use cases indicating a demand for digital art such as the success of first NFT collection along with upgrades to store images on the blockchain via Stacks project allowing dApp makers to code on top of it with 35,000 smart contracts deployed so far. The Lightning Network also makes it an ideal medium for exchange along with being a potential store of value against inflation which appeals many investors.
Despite being confident in his prediction, Tung advises investors to exercise caution while investing and conduct their own research before making any investment decisions as BTC stands at $24,876 at press time.