Why Bitcoin Is Likely Going Higher From Here
Story by: Victor Dergunov
Bitcoin is up by around 60% from its lows.
Other prominent coins are up by 200%, 300%, or more from their lows.
Bitcoin continues to go higher long term as more and more people join the network.
Currently, only about 0.56% of potential users have exposure to Bitcoin, which implies nearly 99.5% of the potential market is still untapped.
This is likely an excellent time to build exposure to Bitcoin.
This idea was discussed in more depth with members of my private investing community, Albright Investment Group . Start your free trial today »
Source: Newsclick.in
Bitcoin (BTC-USD) has staged a formidable rally in recent weeks. In fact, the digital asset is up by around 60% since it bottomed late last year. However, this is very likely only the beginning of Bitcoin’s next bull market.
Source: Bitcoincharts.com
As Bitcoin’s popularity continues to increase, more users should continue to join the Bitcoin network. Moreover, Bitcoin and other digital assets act as alternative currencies and payment systems relative to the current fiat financial status quo. Yet, Bitcoin’s market cap is only $90 billion, and the entire cryptocurrency complex is valued at just $180 billion, while the world’s fiat money supply is worth around $90.4 trillion.
As technology progresses and time moves on, Bitcoin and other digital assets are likely to become more popular as investment vehicles, store of value instruments, and mediums of exchange. Thus, their value is likely to increase notably over time.
Bitcoin Bottoms, a Brief History
If we look at a long-term chart of Bitcoin we can see a clear pattern of bull cycles turning into bear cycles and vice versa. Nevertheless, we can see that in each wave, as Bitcoin’s popularity gains more momentum, the bull market peak is always significantly higher than the previous one.
Original story: https://seekingalpha.com/article/4253402-bitcoin-likely-going-higher
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