A prominent cryptocurrency analyst suggests that Bitcoin (BTC) could soar to unprecedented heights due to its limited availability before the current bull market concludes.
In a recent video update, crypto expert PlanB shares with his 216,000 YouTube followers that he does not foresee the leading digital currency by market capitalization falling below $100,000. This is largely attributed to the extensive creation of new money.
“Currently, the $100,000 mark has transitioned from being a significant psychological resistance point to becoming a support level. While two-thirds of people believe Bitcoin might dip under 100,000 again, I disagree. The ongoing rally isn’t fueled by speculative paper Bitcoin or merely at the peak of a bull cycle.
This is an authentic surge; all other assets are experiencing similar growth. Gold has reached record highs along with stocks and real estate – and so has Bitcoin. The primary driver behind these asset increases is indeed monetary expansion – essentially devaluing our currency.
The very purpose behind Bitcoin’s inception was as protection against such monetary inflation. As long as governments continue expanding money supply through printing more cash while increasing overall liquidity levels across markets globally then inevitably cryptocurrencies like BTC will rise faster than most traditional investments.”
PlanB further highlights how BTC’s limited supply could propel its value between $250k-$1 million within this year alone given its scarcity factor:
“Our target range stands roughly between $250K-$1M during halving periods’ average price points; should we achieve somewhere amidst those figures? That would indeed be fantastic! It serves effectively akin toward what one may call ‘scarcity magnetism’.
Bitcoin undeniably possesses immense rarity which consequently drives up demand amid environments where fiat currencies face dilution via excessive printing measures resulting ultimately towards upward trajectory trends for both itself alongside comparable scarce commodities.”