As Bitcoin (BTC) is currently experiencing a very positive sentiment regarding its price, analysts and experts are discussing what will happen with the virtual currency in the future. According to Josh Rager, a recognised crypto trader and investor, Bitcoin is likely less than 25% into the current uptrend to new highs.
Bitcoin’s Price Has Yet Time To Grow
Bitcoin has behaved in a very positive way since the beginning of the year. Indeed, the digital currency was able to grow over 150% since January 1. At the same time, the most popular cryptocurrency has already left $3,200 behind, the current price in which the virtual currency bottomed.
Josh Rager wrote a tweet on May 31st, in which he explains that by looking at the historical cycles on the Bitcoin chart, it is possible to see that each bull market exceeds the length of the previous uptrend. Moreover, he said that we are far away from the upcoming peak high.
In general, the price of the digital currency tends to perform very well a year before and after a reward halving. In May 2020, Bitcoin is going to be halving, which means that miners will be receiving 50% fewer Bitcoins than what they currently receive for confirming transactions. With a growing demand for this virtual currency and a lower new issuance, the price is expected to increase.
There are several potential catalysts of Bitcoin, including growing retail demand, increasing institutional interest and improved custodial infrastructure.
Grayscale wrote a report that reads as follows:
“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%). As we have mentioned in previous reports, many institutional investors may view the current drawdown as an attractive entry point to add to their core positions in digital assets.”
Investors are clearly bullish about the future of the digital currency. Indeed, the Grayscale Bitcoin Trust had a price per Bitcoin of $11,600, which is 30% more than the market price of the digital asset.
Currently, each BTC can be bought for over $8550 and it has a market capitalization of $152 billion. According to CoinMarketCap, in the last 24 hours, Bitcoin grew 1%.
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