Nancy Lubale
Bitcoin is a hot topic today, with mainstream media picking up the subject of Crypto Rover influencer asking his Twitter following whether BTC will hit $100,000 by 2025. By $100K, he means five times, from where the flagship crypto is now; this makes the possibility of such an ascent parabolic. Crypto Rover is a well-followed crypto analyst and influencer, commanding over 263K followers on Twitter and providing information and insight about how and when to buy bitcoin.
Do you think #Bitcoin will hit $100,000 before 2025?
No Yes
— Crypto Rover (@rovercrc) July 2, 2022
In 2022 alone, many Bitcoin analysts and traders have provided insights on the potential of Bitcoin to reach six figures by 2025. Flanking the experts were top-ranking cryptocurrency entrepreneurs who share the same belief. Social media has also been in the debate, with many Redditors sharing the same confidence to call BTC’s ascension to $100,000 “inevitable.”
Last month, strategists said Bitcoin would hit $100K by 2025, with Bloomberg’s Senior Commodity Strategists, Mike McGlone, commenting during an interview. According to McGlone, on his analysis of the prevailing market, BTC will beat every other asset in the market to reach the $100,000 target in the next three years.
With the current market reflecting the most significant inflation in four decades, McGlone opined that once this bearish stretch ends, the people’s crypto would shoot to the top, becoming the best asset globally to hold.
Crypto Rover’s engagement post on Twitter provoked many responses, pointing to a skyrocketing BTC. Despite the bear market, many people still believe in Bitcoin, making it the digital gold of the world. Looking at the market capitalization of all stocks around the globe, cryptography currently accounts for 1%, which is 0.99% more than its position in the past few years. As cryptocurrency adoption increases, specifically for Bitcoin, its supply continues to diminish because of its code. This alone is evidence of skyrocketing prices over the coming years.
At the end of May 2022, Bitcoin and S&P 500 bounced back to a 100-week average for the first time since 2020. With this milestone, Nasdaq breached one of its most significant support as BTC breached the support at $30,000. Given that the entire stock market is tied together and that BTC is an asset class, the race for who comes out first and when matters.
It is a common opinion among crypto strategists that once the bear market concludes and significant support is identified, Bitcoin will lead the other assets to resume its excellent trajectory, because its demand for adoption is higher than the rest of the assets.
Citing McGlone on his concern for the recently unstable sentiment towards the pioneer crypto, he explained that the volatility witnessed in the market today is expected, seeing as it is the maturity of early technology and assets. This explains BTC’s position as a safe inflation hedge and a risk-on asset.
Dissecting Bitcoin’s 260-day volatility, McGlone compared it to that of Tesla, Amazon in 2009, and gold in 1980. Just like these stocks, Bitcoin will eventually conclude its transition and become a risk-off asset to serve effectively as a hedge against inflation.
Bitcoin Bumpy Journey
From its early days, Bitcoin ownership was concentrated in the hands of a few early adopters with positive motivation to cash out at profitable times. With such a belief, it is easy to believe its price will maintain a vicious cycle of pumps and dumps for years. While numerous people still cling to the thought that only whales can save Bitcoin, others support that the leading crypto will remain too volatile for such sustained growth.
It, therefore, doubles down to the question of how much time it will take before Bitcoin realizes the glory many people attach to it.
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This article was written for Business 2 Community by Nancy Lubale.
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