• George Tung’s analysis video discusses Bitcoin’s potential to hit $50,000 by June.
• There are three reasons for his argument: angel metrics, institutional adoption, and increasing use case.
• He advises investors to exercise caution and conduct their own research before making any investment decisions.
Potential of Bitcoin Price Hitting $50K
George Tung has recently released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June 2021. Tung presented three reasons that support this prediction.
Angel Metrics Indicate a Low Point for Bitcoin
Tung’s first reason focuses on angel metrics which suggest that Bitcoin is recovering from its bottom. Several indicators such as the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk all indicate that Bitcoin has hit its lowest point using previous data. Additionally, the fractal pattern similar to 2019 when Bitcoin shot upwards after staying sideways for a few months also supports his claim.
Institutional Adoption is Growing
Tung’s second reason revolves around institutional adoption of Bitcoin with companies such as BlackRock and Fidelity investing in related companies and introducing their own funds and exchanges into the space. BlackRock has a $15 billion fund and holds physical Bitcoins while Fidelity is already involved with miners and institutions which shows that these companies are taking investments in cryptocurrencies seriously.
Increasing Use Cases
Tung’s third reason points at increasing use cases of bitcoins with he success of the first NFT collection indicating demand for digital art while upgrades to the blockchain will allow storage of images on it along with Stacks project helping dApp makers program on top of it alongside Lightning Network being used as medium for exchange further adding appeal to investors who want protection from inflationary effects..
Advice from George Tung
Despite being confident about his prediction, he has advised investors to exercise caution before making any decision involving investments in cryptocurrencies including bitcoin and suggested they do their own research before coming up with conclusions over what asset class is suitable for them