Crypto expert Ash Crypto posted on X today, predicting Bitcoin will reach $100,000 very soon. This forecast comes despite Bitcoin being down 33% and widespread belief that the bull run is over.
Ash acknowledged that entities like the German government, Mt. Gox, and FTX creditors are selling their Bitcoin. He also noted the Bank of Japan’s rate hikes and signs of a potential global market collapse.
9 Positive Indicators of Potential Bitcoin Price Increase
Ash Crypto highlighted several positive fundamentals supporting his $100,000 prediction:
- The German government has exhausted its Bitcoin supply for sale. Mt. Gox and FTX creditors have also stopped selling their holdings.
- The Bank of Japan has stated it won’t raise rates further.
- The Fed is expected to cut rates in September, which typically drives more money into Bitcoin.
- Crypto is a topic in the current election. Trump and Kennedy support crypto, while Kamala Harris is attempting to join the conversation.
- The US Senate is engaging with crypto. Lummis proposed a Strategic Bitcoin Reserve Bill aiming to raise Bitcoin to $1 million within 5 years.
- States are passing bills to protect Bitcoin rights. Oklahoma and Missouri have passed such legislation, while Ohio, South Carolina, Mississippi, Tennessee, and others have proposed similar bills.
- Institutions are buying Bitcoin. Microstrategy is raising $2 billion to purchase more, Metaplanet is raising 10 billion yen for the same purpose, and Semler Scientific continues to buy Bitcoin.
- Bitcoin and Ethereum ETFs are gaining traction. The Bitcoin ETF has over $50 billion in on-chain holdings within 6 months, while the Ethereum ETF has $6.6 billion in on-chain holdings after just 12 trading days.
- Over 700 institutions reported holding Bitcoin through ETF shares in Q1 2024. Morgan Stanley has instructed its 15,000 financial advisers to recommend Bitcoin ETF to wealthy clients.
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Show more +The expert cautioned against bearish sentiment towards Bitcoin, arguing that global adoption has begun.
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