Bitcoin Price Predicted to Hit $50K: Expert Analysis Revealed

Overview: Bitcoin Price to Hit $50k

• George Tung, an expert in technical analysis and risk management in the cryptocurrency market, has released a new video discussing Bitcoin’s potential to hit $50,000 by June.
• He presents three reasons for his argument: angel metrics that suggest Bitcoin is recovering from its bottom; institutional adoption through BlackRock and Fidelity investing in Bitcoin-related companies; and increasing use cases such as NFTs and Lightning Network.
• While Tung is confident in his prediction, he advises investors to do their own research before making any decisions.

Reason #1: Angel Metrics

George Tung believes that Bitcoin will hit $50,000 by June due to numerous angel metrics indicating that it has reached its lowest point using previous data. These include the Rhodo ratio, MVRV score, realized cap hold of waves, reserve risk, and fractal patterns similar to 2019 which saw a surge after going sideways for some months.

Reason #2: Institutional Adoption

Institutional adoption is another factor contributing to the expected rise of Bitcoin price – major companies like BlackRock and Fidelity have been investing heavily into Bitcoin-related projects and services. Blackrock has created a $15 billion fund for BTC investments while Fidelity is already involved with miners and institutions. This further demonstrates their commitment towards crypto investments.

Reason #3: Growing Use Case

The success of recent NFT collections also shows an increased demand for digital art – this can be stored on the blockchain thanks to upgrades made recently. The Stacks project helps dApp makers program on top of Bitcoin while 35,000 smart contracts are already deployed using the Lightning Network which makes BTC even more appealing since it serves as a great medium for exchange as well as a store of value against inflation.

Conclusion & Advice

George Tung’s analysis is confident but he still advises investors to conduct their own research before investing in anything related to cryptocurrency markets – including BTC which currently stands at $24,876 at press time.

20. Februar 2023