Bitcoin (BTC) had a brilliant start to the year and up until June, the token recorded gains at the end of each month to eventually hit the $13,000 mark. However, the months of July and August have not been great for Bitcoin as it loses momentum and traded within a range.
While it is true that many in the crypto sphere may have given up hope of the cryptocurrency reaching the heights of 2017 this year, optimism still abounds about the world’s biggest cryptocurrency. In a new development, a major expert has three reasons why Bitcoin could eventually hit $30,000 per token.
Jihan Chu, who is one of the founders of Kinetic Capital stated that there are three big bullish triggers that could push the price of Bitcoin considerably and eventually see it hitting $30,000. Chu stated that the entry of giants like Fidelity, J.P. Morgan, and Fidelity into the cryptocurrency space is a huge boost for Bitcoin overall.
As a matter of fact, Fidelity announced earlier this year that it has established a crypto fund in which its institutional investors can invest in Bitcoin. He said the participation of such big names will eventually lead to the adoption of cryptocurrency widely and naturally raise the price of Bitcoin.
On the other hand, the disappointment with tech initial public offerings is another factor that could weigh heavily when it comes to changing the behavior of investors. If investors believe that Bitcoin could be a better investment, then billions of dollars could flow into the cryptocurrency. If that actually happens, then it is almost certain to push the price of Bitcoin to new levels. Last but not the least, the halving of rewards for Bitcoin miners is going to go into effect in May next year and generally it has been noticed that a rally ensues in Bitcoin some time ahead of the halving event.
At the time of writing. Bitcoin is trading lower by 1.60% at $10,170. The biggest cryptocurrency has corrected over 25% from its 52-week high of $13,764. From the technical reading, BTC holds good support at around $9,400 and on the higher side, Bitcoin faces strong hurdle around $11K. It would be interesting to see how Bitcoin will perform over the next few months.