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Bitcoin Will Break Above $100,000 In Six Months, CEO Omar Chen

Bitcoin price predictions currently are being fueled by the present price movements in the asset. Prominent figures in the market continue to come out with optimistic price predictions for the asset. $100,000 so far seems to remain a favorite of the majority, with so many believing that the digital asset is set to break that price by year-end. Among the people who believe this prediction is ZB.com’s CEO, Omar Chen. Talking to Cryptogeek, Chen talked about the bitcoin market. The price movements of the digital asset were a major focus for the CEO as he explained that he believed that bitcoin had already seen the bottom for this year, which he placed at $30,000. According to Chen, while the digital asset could have fallen lower below $30,000, “most of the risk is priced in.” Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages For Chen, the fact that bitcoin is a deflationary asset and the scarcity of the asset remains the most attractive monetary attribute of the asset. The 21 million supply cap of bitcoin has always worked in the favor of the asset. As supply runs low, the demand for the asset is set to exceed the available supply, which would, in turn, lead to a surge in the price of BTC. Growing Interest In The Bitcoin Market Interest in the cryptocurrency market as a whole has continued to grow these past years. Despite the long stretch that bitcoin spent in a bear market after the 2017/2018 bull market ended, interest in the digital asset has not declined. Rather, the market has witnessed an influx of new investors into the market.  The returns on the digital asset have also helped on the adoption front, outperforming gold and other top assets in the financial market. BTC price drops 10% in 24 hours | Source: BTCUSD on TradingView.com Chen likened the adoption of bitcoin to the internet back in the ‘90s. Acceptance was sluggish at first as people discounted the impact that the internet would have on the future. Chen predicts that going by this pattern, the market will see another 100 million new users in the coming 2-3 years. Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market A large number of users like this would definitely see the value of bitcoin shooting up. Everyone would want to own a piece of the top cryptocurrency, leading to increased demand, but the supply will not change. In fact, supply will continue to reduce as halvings happen in the market, leading to less BTC being awarded to miners for every block that they mine. 2025 Is The Year Of Omnipresence Following Chen’s analysis of the movement of bitcoin being similar to that of the internet in the ‘90s, the CEO sees a rapid spread of the digital asset all around the world come 2025. Chen’s analysis would see the asset become more mainstream by 2023, most likely coming from adoption from both major and minor companies. Then widespread use of the digital asset around the world as it becomes more acceptable. Related Reading | Bitcoin AT $46K, Will The Market See $50K Before The Next Bear Market? Chen pointed out that the next 2-3 years will see some themes that will be at the forefront of the market. “I think in the next 2-3 years, compliance, institutionalization, and even the entry of sovereign institutions into the market will be the main theme,” said Chen. Bitcoin’s price has held up quite nicely in the market over the past couple of weeks. The bull rally saw the asset bounce around the charts before settling down, making $44,000 its new support point, despite losing over 10% in the last 24 hours. Featured image from Cryptopolitan, chart from TradingView.com
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On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

Bitcoin continues to beat expectations this year. Despite most investors speculating the bull market was already over, the digital asset has posted another rally that shows that the market might in fact still be in a bull cycle. The last two weekends have seen bitcoin prices adding at least $4,000 in the span of three days. Breaking what has been a slow and brutal downtrend cycle in the market for the last month. Now, on-chain expert Willy Woo was on the podcast What Bitcoin Did to talk about the price of bitcoin and give his predictions regarding the price. Woo, for one, does not believe that the digital asset has peaked yet for 2021. Giving incredibly positive predictions for the asset for the rest of the year. With just five months left to go, there is still ample time left for various predictions to play out. Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist Willy Woo’s forecast shows that the expert still believes the bull run is still on, made evident by the recent price movements registered in the market. Digital currencies like bitcoin were showing gains of up to 10% in a day as prices rallied to push the coin value higher. No Bear Market Woo said on the podcast that there would be no full-blown bear market following the ending of the current bull cycle. This would mean that the price of bitcoin would most likely keep fluctuating, but probably never get to the points the market had following the last bull market in 2018. Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why Continuing on, Woo said there would be no repeat of the 2013 cycle imprint. Bitcoin would likely chart new courses, as even now, the digital asset has shown deviating patterns from other bull markets. As it seemed the bull market had drawn close after the May price crash. But the recent recoveries show that indeed, the digital asset is charting new courses going forward. Following this, Woo believes the digital asset’s price would just wander around with supply and demand. And even halving events that lead to a price increase would have significantly less impact on the value of the asset. Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance Woo predicted bitcoin peaks would be less dramatic. Since price peaks of the digital asset have almost always been a short run-up, which leads to new all-time highs. Followed by sharp price crashes that usher the beginning of the next bear market. This would mean that bear phases would be shorter also, according to Woo. Lasting for fewer periods of time than previous bears. Future Bitcoin Price Action Woo’s price prediction for Bitcoin placed it at $162K. Going as far as saying that a $200,000 price mark is still possible for the digital asset this year. This puts Bitcoin on a tremendous run path to get to such a high prediction. BTC price continues to trend around $39,000 | Source: BTCUSD on TradingView.com But with factors like miners getting situated after the China exodus and mining difficulty going back up, the price of the digital asset could very well be on its way to another rally. Woo also commented on the extended theory cycle for the coin, predicting that the asset will gain even more popularity after the current cycle ends. Commenting more on his price predictions, Woo said, “I have this model. In past cycles, it hit the upper bound before the bull market ended. I have this great situation where I don’t have to be exactly right cause it’s just a moving target. The upper band today is $162K. The current trajectory, $200K.” Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin Like with every other prediction, only time will tell if Woo’s prediction turns out to be the case. But this provides more insight into the fact that bitcoin maximalists still believe the pioneer cryptocurrency to be wildly undervalued even at its current price. Featured image from CNBC, chart from TradingView.com
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