Bitcoin (BTC) Price To Rally 10x! Here’s When and Why

The post Bitcoin (BTC) Price To Rally 10x! Here’s When and Why appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Over the last 24 hours, the market has produced mixed results. Bitcoin, the market leader, fell 1.06 percent, while Ethereum rose 1.83 percent. All the other alts on the chart follow the same market sentiment. 

BTC Price Action

BTC/USD has moved in a range of $40,668.04 to $41,607.47, exhibiting low volatility. The entire trading volume has climbed by 24.54 percent to $23.9 billion, while the total market capitalization has increased to $776.3 billion.

On the 4-hour chart, we can see that selling pressure is still strong, implying that the market will be tested further to the negative by the end of the day.

It’s being said that, another solid higher low has been formed, and the market will rally later this week if more downside can be avoided. However, if more selling occurs, BTC might retrace even further to the $40,000 major support level.

Mass adoption to take BTC 10X!

The CEO of a crypto-focused hedge fund believes that widespread acceptance might push the price of Bitcoin (BTC) to $400,000 in three years.

BTC’s price appreciation is based on fundamental “Econ 101 Supply and Demand,” according to Pantera Capital CEO Dan Morehead in a new interview with Bloomberg TV.

He explains that, every two years, ten times as many individuals use cryptocurrencies as they did previously, and this has been the case for the past decade. It’s ten times more every two years. And the price of cryptocurrency has increased by tenfold every two years.

In his opinion, within the next 5-10 years, nearly everyone with a smartphone will be using cryptocurrencies, and if that’s the case, they’ll be considerably more expensive.

Catalysts for growth

Morehead also reveals the catalysts he believes would propel the price of Bitcoin to $400,000 by 2025.

He says all of the use cases that are truly taking off and being used by people. Now, institutional investors are making significant investments in the industry, ranging from 10 to 20 basis points to possibly 8% of their portfolio in ten years.

While Pantera Capital’s CEO is positive on Bitcoin, he believes “much of the new innovation” in the crypto field is in “other things.”