The crypto market is experiencing a renaissance. Predictions that the reigning champion of cryptocurrencies will reach $100,000 are back on the agenda. However, not everyone is so optimistic. Some believe that the dynamic financial asset will trade in a wider range as it becomes more widely accepted, as FX Empire reports. With the Bitcoin price at $49,962.45 at the time of this article’s publication, many believe the price will continue to rise. According to Bitstamp’s charts, a critical downtrend line has been broken.
Bitcoin payments on Twitter
Following media reports that bitcoin tips will become available on Twitter, buying pressure has increased. The motivation for this is to pay content creators in Bitcoin. While the social network has not yet announced when the upgrade will become official, user beta testing has already begun. If the price stays above $50,000, it could lead to a further rise in bitcoin value.
Experts believe that if the price continues to rise, it could soon reach the $52,000 resistance zone.
Back in February, MicroStrategy CEO Michael Saylor said that Bitcoin will continue to increase in value until the point when the cryptocurrency takes a key role in the global financial system. He predicted that one day the market value would reach $100 trillion:
There are 500 trillion dollars of money on our planet. The outer layer is currency, then there are stocks, bonds, real estate. There is $10 trillion worth of gold and $1 trillion worth of Bitcoin. Bitcoin will displace gold and take all the gold market capitalization. Then it will take on negative-yielding government bonds and other monetary indices until Bitcoin grows to $100 trillion. Once the total value reaches $10 trillion, its volatility will decrease dramatically. On the way to $100 trillion, growth rates and volatility will decline. Eventually, Bitcoin will have a stabilizing effect on the entire 21st century financial system.
MicroStrategy began buying Bitcoin back in August of last year, and Michael Saylor has been one of the cryptocurrency’s biggest proponents ever since. While his prediction may have been a bit bold, data collected by crypto analytics firm Glassnode shows a significant increase in non-zero balances, indicating HODLing, interest, adoption, and accumulation. The record of 38 million existing bitcoin addresses is about to be broken. </p>