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Bitcoin is Stuck Between $45K and $50K But Not Done yet, Here is Why?

Bitcoin is stuck between $45K and $50K but the events happening in the industry and experts’ predictions hint that the king coin still has room for another massive run.

According to CoinMarketCap data, since August 15th, Bitcoin is moving between $45,000 and $50,000. The coin was trading below $30,000 on July 20th but the price started to recover after that day and Bitcoin finally regained the $50,000 mark on August 23rd. This was short-lived and the price pulled back slightly after that.

This led some to believe that this recent bull run is over. However, signals coming from the industry show that Bitcoin is now strong and has room to gain more. Here are some bullish predictions and events from the last week that hint at another bull run.

Famous Anonymous Analysts Predicts $100K by Christmas

PlanB, a famous pseudo-anonymous analyst best known for his stock-to-flow (S2F) price model, on Friday, August 27th, tweeted about his S2F model and predicted a $100K milestone by Christmas. PlanB wrote:

“#bitcoin stock-to-flow model predicts $100K by Christmas, time model (diminishing returns, lengthening cycles) $30K. Next months will be key. Note that color overlay is on-chain signal (not time to halving), indicating we are between bottom (blue) and top (red), in line with S2F.”

Fidelity Predicts $1 Million Before the Decade is Out

In its latest “Very Special’ webinar, Fidelity Group, the parent company of Fidelity Digital Assets that build enterprise-grade bitcoin custody services for large institutions, has made a mind-blowing addition to the list of Bitcoin bullish predictions as it has put forward a $1 million price target by the end of the decade and $100 million by 2035.

However, the $100 million figure was unable to digest for some as this means that the Bitcoin market cap would become greater than all of the world’s total wealth.

bitcoin-btc

Institutional Investors Holds 8% of the Total Supply

Data shows that institutional investors now own almost 8% of the total supply of Bitcoin. A total of 61 institutional investors are on the list with Greyscale and MicroStrategy as the top 2 respectively.

Data by Bitcoin Treasuries reveal that these 61 investors have put about $54 billion in Bitcoin. While the value of the BTC held by the institutional investors is currently at $77.8 billion. This shows that the majority of institutional investors have turned a profit.

Bitcoin Adoption as Payment Method is Growing

Bitcoin is also growing rapidly in terms of its adoption as a payment option as more and more platforms are now accepting Bitcoin. Recently, a luxurious 5-star Swiss Alps hotel, The Chedi Andermatt, is now accepting Bitcoin and Ethereum as payments.

Furthermore, the Venezuelan carrier Turpial Airlines has also joined the growing list of companies accepting Bitcoin for their services. As reported, US payment giant PayPal has expanded its crypto services to the UK.

These events show that Bitcoin is not here to stay below $50,000. As the demand grows and the supply diminishes, Bitcoin is all set to reach $100K and more.


If you found this article interesting, here you can find more Bitcoin news

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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