After the constant surge in prices of Bitcoin, many analysts and experts came up with new speculations some terming it will soon surpass the milestone of $150k, while others claim it has much greater potential than this.
Most recently while talking to Bloomberg, Cathie Wood the Chief Executive Officer and Chairman of Ark Investment praised Bitcoin, predicting a much bigger future.
she argued prices are expected to hit the milestone of $1 million in 2030; the limited supply of BTC will be a primary factor that will likely direct the growth.
Ark’s chairman also argues that the factor of limited supply has fueled the hunger for more and more Bitcoin accusations among institutional investors.
Following the media talk of Cathie, few analysts came forward to praise the factors mentioned by her behind the spike in Bitcoin price, adoption, trading, and market capitalization.
Cathie goes on to quote ” Like gold, Bitcoin is secured by its scarcity, but unlike gold it’s backed by the largest computing system in the world, making it the most secure network in the world.”
Limited supply a major reason behind Bitcoin price growth?
It is important to note that the limited supply of Bitcoin is one of the reasons behind its price spike, but a few other reasons include growing interest and adoption of Bitcoin and the launch of BTC spot ETFs.
Some other major factors behind the price growth of Bitcoin could be the publicity of digital assets and other related products using new media forms like Social Media, especially Telegram, Instagram, X (formerly Twitter) including a few others.
Yet the reasons behind the price growth are different for all three categories of nations, in developed nations social media is one of the major sources to promote cryptocurrencies in developing nations mouth publicity is majorly down, with seminars and events to lure more people.
However, COVID-19 is also termed as one of the reasons behind the surge adoption of Bitcoin and other cryptocurrencies. At the time of the global pandemic, almost every nation in this globe imposed a lockdown to avoid the separation of the virus.
Bitcoin Price Analysis
As of writing Bitcoin was trading at the mark of $93, 193 with an intraday decline of roughly 9.50 percent, the decline doesn’t seem normal and a major involvement of bears has been recorded.
Source: TradingView
Despite this sudden decline prices of, Bitcoin are above the 20, 50, 100, and 200-day exponential moving average. It is worth noting that despite weekly and intraday declines in prices, Bitcoin remains 121 percent up in the YTD frame and 114 percent in the past 52 weeks.
Compared to any other cryptocurrencies, Bitcoin remains the most traded, talked and traded since the bulls run that triggered the price breaking the ATH of $96k. Furthermore, experts also predict that in the near future, Bitcoin might become one of the most adopted compared to gold or any other commodity.
