Bitcoin has been hovering around the 11,000 mark for some time now but many experts aren’t too excited about it getting to $12,000.
They think $12,000 is a given. $15,000 is what they think to be the next.
Marketwatch reported that digital-currency bulls believe that bitcoin is starting to benefit from some of the same dynamics that have lifted gold but in delay. Nigel Green, chief executive and founder of deVere Group, a financial firm, advising some $12 billion said Bitcoin is currently realizing its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin—which shares its key characteristics of being a store of value and scarcity—could potentially knock gold from its long-held position in the future as the world becomes evermore tech-driven.
We share the same view but in addition to this, we also think that the rising stablecoin market cap contributes to this. Stablecoin is one of the most popular blockchain networks for payments and asset issuance.
Tether, USD Coin, and Binance USD have posted triple-figure market cap growth this year. Historically, major changes in Tether’s market cap (and other global stablecoins) have been a leading indicator for Bitcoin’s price and we are seeing massive growth in stablecoin issuance over the past month.
Perhaps because some of the liquidity funnels to Bitcoin. When Bitcoin broke the $10,000 mark in June, many doubters didn’t think of it much but the consistent rise is forcing experts to re-evaluate the trend.
Naeem Aslam, analyst at Forex Trading AvaTrade said that Bitcoin price crossed above the 10K mark and the price action looks bullish now as the price has cleared a major psychological level that has been there for a long time. They believe that the next resistance for the Bitcoin price is 15K now.