• George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June.
• He cites several indicators, such as the Rhodo ratio and MVRV Score, which all suggest that Bitcoin has reached its bottom.
• Additionally, institutional adoption of Bitcoin-related companies and services is increasing, along with its use case for storing digital art, smart contracts and using the Lightning Network.
Why Bitcoin Price Can Hit $50k Soon?
George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June. Tung presents three reasons for his argument: angel metrics indicating recovery from bottom; institutional adoption of Bitcoin-related companies and services; and increased use cases for storing digital art, smart contracts and using the Lightning Network.
Angel Metrics Indicating Recovery from Bottom
Tung focuses on angel metrics which indicate that Bitcoin is recovering from its bottom. He cites several indicators including the Rhodo ratio, MVRV score, realized cap hold of waves and reserve risk – all suggesting that Bitcoin has hit its lowest point according to previous data. Additionally, he points out that a fractal pattern similar to 2019 (when BTC shot upwards after going sideways for a few months) also supports his claim.
Tung highlights that BlackRock and Fidelity have invested in various Bitcoin-related companies and introduced their own funds and exchanges into the space. BlackRock currently holds physical Bitcoins in their $15 billion fund while Fidelity is already involved with miners and institutions – this increased institutional adoption shows how serious these players are about investing in BTC long-term.
Growing Use Case
Tung also notes Bitcoin’s growing use case as more people turn to it as a store of value against inflation due to recent success stories such as the first ever NFT collection as well as upgrades to the blockchain allowing images to be stored on it via Stacks project where 35K smart contracts have already been deployed alongside usage of the Lightning Network making BTC an attractive option for exchange mediums between users/investors alike.
Advice From George Tung
Despite being confident in his prediction – George still advises everyone to exercise caution when making investments decisions so they can make informed decisions based on their own research before taking any action in regards to investing in cryptocurrencies like BTC which currently stands at $24 876 at press time according to him.