Bitcoin price predictions currently are being fueled by the present price movements in the asset. Prominent figures in the market continue to come out with optimistic price predictions for the asset. $100,000 so far seems to remain a favorite of the majority, with so many believing that the digital asset is set to break that price by year-end. Among the people who believe this prediction is ZB.com’s CEO, Omar Chen.
Talking to Cryptogeek, Chen talked about the bitcoin market. The price movements of the digital asset were a major focus for the CEO as he explained that he believed that bitcoin had already seen the bottom for this year, which he placed at $30,000. According to Chen, while the digital asset could have fallen lower below $30,000, “most of the risk is priced in.”
For Chen, the fact that bitcoin is a deflationary asset and the scarcity of the asset remains the most attractive monetary attribute of the asset. The 21 million supply cap of bitcoin has always worked in the favor of the asset. As supply runs low, the demand for the asset is set to exceed the available supply, which would, in turn, lead to a surge in the price of BTC.
Growing Interest In The Bitcoin Market
Interest in the cryptocurrency market as a whole has continued to grow these past years. Despite the long stretch that bitcoin spent in a bear market after the 2017/2018 bull market ended, interest in the digital asset has not declined. Rather, the market has witnessed an influx of new investors into the market. The returns on the digital asset have also helped on the adoption front, outperforming gold and other top assets in the financial market.
BTC price drops 10% in 24 hours | Source: BTCUSD on TradingView.com
Chen likened the adoption of bitcoin to the internet back in the ‘90s. Acceptance was sluggish at first as people discounted the impact that the internet would have on the future. Chen predicts that going by this pattern, the market will see another 100 million new users in the coming 2-3 years.
A large number of users like this would definitely see the value of bitcoin shooting up. Everyone would want to own a piece of the top cryptocurrency, leading to increased demand, but the supply will not change. In fact, supply will continue to reduce as halvings happen in the market, leading to less BTC being awarded to miners for every block that they mine.
2025 Is The Year Of Omnipresence
Following Chen’s analysis of the movement of bitcoin being similar to that of the internet in the ‘90s, the CEO sees a rapid spread of the digital asset all around the world come 2025. Chen’s analysis would see the asset become more mainstream by 2023, most likely coming from adoption from both major and minor companies. Then widespread use of the digital asset around the world as it becomes more acceptable.
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Chen pointed out that the next 2-3 years will see some themes that will be at the forefront of the market. “I think in the next 2-3 years, compliance, institutionalization, and even the entry of sovereign institutions into the market will be the main theme,” said Chen.
Bitcoin’s price has held up quite nicely in the market over the past couple of weeks. The bull rally saw the asset bounce around the charts before settling down, making $44,000 its new support point, despite losing over 10% in the last 24 hours.
Featured image from Cryptopolitan, chart from TradingView.com