• George Tung has released a video discussing Bitcoin’s potential to hit $50,000 by June.
• His argument focuses on angel metrics, institutional adoption and increasing use case of Bitcoin.
• He advises investors to exercise caution before making any investment decisions.
Potential of Bitcoin Reaching $50k
George Tung has recently published a new analysis video discussing the potential of Bitcoin (BTC) hitting the mark of $50,000 by June 2021. In his video, he states three primary reasons for his claim: angel metrics, institutional adoption and increasing use cases for the cryptocurrency.
Angel Metrics Indicate Recovery From Bottom
Tung’s first point of argument is based on angel metrics that indicate that BTC might have reached its bottom already. The Rhodo ratio, MVRV score, realized cap hold of waves and reserve risk – all these indicators suggest that the lowest value of Bitcoin might have been reached with previous data records. Additionally, a fractal pattern similar to 2019 when the BTC price went sky-high after remaining sideways for some time further supports this argument.
The second reason cited by Tung was increasing institutional adoptions related to Bitcoin investments and exchanges. Major players such as BlackRock and Fidelity have launched their own bitcoin funds and exchanges which shows that they’re serious about investing in cryptocurrency space. Also, BlackRock holds physical Bitcoins worth $15 billion in its funds which is a clear indication of increased trust in the digital asset from major financial institutions worldwide.
Growing Use Cases
The third point raised by Tung was regarding the growing use cases for BTC such as NFTs (non-fungible tokens). The successful sale of the first ever BTC NFT collection indicates an increased demand for digital art forms while also providing an opportunity to store digital images on blockchain networks through upgrades like Lightning Network along with platforms like Stacks project which allow dApp developers to program atop BTC network easily with 35K smart contracts already deployed on it. All these advancements make BTC an attractive medium for exchange as well as a potential store of value against inflationary impacts which can be quite appealing to investors seeking safe havens amidst turbulent times economically speaking.