The Bitcoin maximalists are all about positive price predictions. One such crypto proponent is Omar Chen-CEO at ZB.com. He recently told crypto journalists that Bitcoin prices could easily go above 100,000 in the next six months. Chen mainly focused on the price movement of the flagship cryptocurrency. He believes that the entire short-term correction zones for Bitcoin are now in the past.
He further explained that if the price of Bitcoin will have gone below $30,000, it will be real trouble for the market bulls. However, seeing that how Bitcoin is doing well in the market, it seems that the future looks bright for Bitcoin. Chen opines Bitcoin is a deflationary asset, and its limited supply favours the bullish sentiment for the market.
Institutional and Retail Interest in Bitcoin is Increasing
Data shared by TradingView indicates that the improved returns on the digital asset market have contributed to making Bitcoin a favourable choice of investment. After the 2017/2018 bull run, the Bitcoin market stayed in bear territory for a very long time. However, the price movement in the Q1 of 2021 showed that Bitcoin recovered and developed even higher than before.
Chen told the media that Bitcoin’s invention is very much like the introduction of the internet in the early 90s. A lot of people were not sure in the beginning that this technology is going to stick out for long. Nevertheless, the internet is present everywhere today. He also predicts that in the next 2-3 years, the Bitcoin market will recruit 100 million new investors and users.
Chen was recently speaking with the journalist on the matter of Bitcoin. He claimed that the halving event is a great way for Bitcoin to reduce supply and increase demand every four years. He further added that every new technology takes time to get popular and go into mainstream adoption. In the same manner, Bitcoin and blockchain technology are also going to become the next big thing for the people.
He claims that within five years, most state financial establishments, corporates, banks, and many more stakeholders will want to get into the crypto market one way or the other. Within the last few weeks, the Bitcoin price point has started another bullish climb. Despite the 10% correction in the last 24 hours, many investors are still bullish on the flagship cryptocurrency.