The crypto market is experiencing a renaissance and predictions of the reigning champion of cryptocurrencies reaching $100,000 are back on the agenda. However, not everyone is as optimistic. Some believe that with growing adoption, the dynamic financial asset will start to be traded in a wider range, FX Empire reported. With the price at $49,962.45 at the time of writing, many do believe it will keep getting higher. There has been a break above a critical bearish trend line according to Bitstamp charts.
Bitcoin payments launched on Twitter
Buying pressure has increased in the wake of media reports that Bitcoin tipping will become available on Twitter. The motivation for this is paying content creators in Bitcoin. While the social medium hasn’t reported on when the upgrade will become official, beta testing by users has already commenced. If the price stays above 50k, this may result in continued rises in the flagship crypto’s value.
Experts predict that if it keeps increasing, the price may reach the $52,000 resistance zone in the coming sessions.
Back in February, MicroStrategy CEO Michael Saylor told CNBC he believed Bitcoin would continue gaining value to the point of taking on a key role in the world financial system. He predicted its market value would reach $100 trillion someday, saying:
“There’s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of Bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap. Then it’s going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion. Once it gets to $10 trillion, its volatility will be dramatically less. As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.”
MicroStrategy started buying Bitcoin back in August of last year and Saylor has been one of its biggest proponents since then. While his forecast may have been a little bold, data collected by crypto analytic data firm Glassnode shows a prominent increase in non-zero balances, which indicates HODLing, interest, adoption, and accumulation. The record of 38 million Bitcoin addresses in existence is about to be broken.
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