• George Tung predicts Bitcoin (BTC) will hit $50,000 by June 2023 based on angel metrics, institutional adoption and increasing use case.
• Angel metrics such as the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk indicate that BTC has bottomed out.
• Institutional adoption is increasing with companies like BlackRock and Fidelity investing in Bitcoin-related companies and offering their own funds.
Why Bitcoin Price Can Hit $50k Soon?
George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June. He presents three reasons for his argument: angel metrics, institutional adoption and increasing use case.
Tung cites several indicators which suggest that Bitcoin has hit its lowest point using previous data. The Rhodo ratio, MVRV score, realized cap hold of waves and reserve risk all show signs of recovery after bottoming out. Additionally, Tung notes the fractal pattern similar to 2019 when Bitcoin shot upwards after going sideways for a few months.
BlackRock and Fidelity have both invested in Bitcoin-related companies which shows increased institutional adoption into the space. BlackRock holds a $15 billion fund for BTC while Fidelity is involved with miners and institutions already. This brings in more money into the crypto market which could lead to an increase in price of BTC.
Increasing Use Case
The recent success of the first Bitcoin NFT collection suggests growing demand for digital art storage on the blockchain network as well as upgrades for better usability features like Stacks project allowing dApp makers to program on top of it and 35K deployed smart contracts via Lightning Network making it ideal as a medium for exchange or store of value against inflation – appealing to investors worldwide.
Tung advises investors to exercise caution before making any investment decisions due to volatility in cryptocurrency markets. As of press time BTC stands at $24 876 meaning there’s still some ways to go before it potentially hits its projected target price.$50 000 by June 2023..