Bitcoin “Supercycle” Began At $15,000: BTC Bulls Targeting $9 Million In 2 Years
06 Dezembro 2023 - 7:00PM
NEWSBTC
According to @RiggsBTC on X, Bitcoin (BTC) is poised for an
“unprecedented” surge that could lift it to above $9 million in the
next two years. Taking to X on December 6, @RiggsBTC
asserted that the current Bitcoin bull run, which began in
late 2022 when prices dumped to as low as $15,000, marks the start
of a “supercycle,” a period where BTC will aggressively rally,
extending gains. Will Bitcoin Hit $9 Million In 2 Years? The
asset manager attributes this potential upsurge to multiple
factors. Top of the list is the looming supply shock, considering
the expected Bitcoin halving scheduled for early April 2021.
@RiggsBTC noted that with less than 21 million BTC in circulation,
reducing supply and sustained demand could support Bitcoin, feeding
aggressive bulls. Related Reading: Coinbase Introduces New Features
For Global Remittances To contextualize the potential magnitude of
this expected growth, @RiggsBTC estimates that only if 5% of global
wealth, conservatively estimated at over $1 quadrillion,
translating to $50 trillion, get exposure to the limited BTC in
circulation, there will be more upsides. From the analyst’s view,
there will only be around 5 million BTC, most of which are from
“weak hands” selling to “nation-states and institutions.” This
shift will be the basis for a leg up that will see Bitcoin reach $9
million “in 24 months.” Pierre Rochard, the VP of Research at Riot
Platforms, echoed @RiggsBTC’s sentiment, highlighting the
favorable macroeconomic conditions likely to propel Bitcoin even
higher. Rochard notes that the U.S. government spends $6 trillion,
encompassing $4 trillion in taxes, $2 trillion in borrowing, and $1
trillion in interest payments on its $33 trillion debt. While the
government spends huge sums of money on interest payments alone,
Bitcoin’s market capitalization remains under $1 trillion.
According to CoinMarketCap, BTC had a market cap of $860 billion
when writing on December 6. Eyes On The SEC And Bitcoin ETFs Beyond
the Bitcoin halving event and supportive macroeconomic factors, the
community is also looking at regulators. In early December 2023,
the crypto community expects the United States Securities and
Exchange Commission (SEC) to approve the first batch of spot
Bitcoin ETFs. This product will provide institutional investors an
avenue to get exposure to Bitcoin in a regulated environment,
potentially unleashing a wave of capital. Since October, the
expectations of a spot Bitcoin ETF in the United States have
propped prices. Related Reading: Crypto Analyst Predicts Dogecoin
Price Pump Of Epic Proportions To $0.7, Here’s When Even so, how
the market will react once the SEC authorizes this derivative is
yet to be seen. In the past, the approval of key crypto derivatives
products, for instance, the first Bitcoin Futures product in the
United States in December 2018, marked cyclic peaks. Afterward,
prices tanked, dropping from $20,000. Feature image from Canva,
chart from TradingView
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