The price of Bitcoin is at $54k right now, but it is nowhere near what we can expect the top to be. $100k Bitcoin is often called inevitable, and the Bitcoin enthusiasts even have laser eyes waiting for that. But I think even $200k for Bitcoin is supposed to happen. And it’s not just a thought or belief; a lot of indicators point to that. Well, could it happen in this bull run? Likely but very difficult. But will it happen eventually? Definitely. Here’s why?
$200k for Bitcoin is supposed to happen
Bitcoin is limited by nature and the number of coins that are received as a reward by miners halves every four years. This means that the actual supply of the coins is dropping as the adoption and usability is increasing. As the demand goes higher, we can expect that Bitcoin will rise in value incredibly fast. In fact, the coins that are in circulation right now are also mostly stagnant as long-term hodlers continue to hold onto their coins.
Metrics show that the supply in exchanges is also dropping, and the institutional adoption has never been better. All this just points to one thing that $200k Bitcoin is supposed to happen. The RSI indicator that is something we often take a look at to identify overbought and oversold markets also suggests that the 2nd phase of the bull run is starting.
So, this time around, the top could be at $200k or a little bit here and there. But the point is, none of the indicators suggests that $65k is the top for this bull run. We are definitely not in a bear market right now. In fact, many predict that $300k could also be the top in the 2021 bull run.
Should you get in now?
I think yes, this will be a good time to invest right now. Altcoins will again give higher profits in the bull run than BTC, but Bitcoin is the king, and if the market crashes, it will hold up much better. It is best to have a combination of both in your portfolio. Definitely do your own research to find out what is the best investment right now.
What are your thoughts on the $200k-$300k price target for Bitcoin? And do you think we will get there in this bull run? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: $50k for Bitcoin was a bear trap, says analysts
