With bitcoin trading at just under $ 43.5,000 at the time of going to press, the cryptocurrency seemed a long way from its ATH levels a few months ago. Even so, many in the community remain optimistic about crypto’s bullish references in the short term.
Bloomberg’s latest intelligence report shared this opinion, with the same forecasting bullish development for the cryptocurrency. In fact it was said
“We’re seeing performance parallels that could get benchmark crypto back on track toward $ 100,000.”
The report added
“What has changed in about three years is enough to keep more of it going for most of Bitcoin’s history – rising prices. Supply is decreasing while demand and acceptance are increasing in most of the countries that embrace open discourse and free market capitalism. “
When supply has declined, demand and acceptance have also increased. However, what effects does this have on known projections? This was the gist of Lark Davis’ latest video, in which the analyst pointed out the reasons why such predictions are not unrealistic.
Consider this – Fidelity acquired 7.4% of Marathon Digital Holdings, one of the largest bitcoin mining companies in North America. Both institutions have been big supporters of BTC since its inception. Both firms “doubling their bullish thesis for BTC” are “absolutely great to see,” the analyst claimed.
Who is looking for innovation
According to local media reports, the legislature in Spain is considering a proposal that will allow mortgage payments with crypto, from one (bullish) news item to the next.
That would be huge if it passed! #bitcoin https://t.co/DcCct2hcPa
– Lark Davis (@TheCryptoLark) August 4, 2021
“Spain has been a crypto-friendly country in the past, but they go much deeper with this proposed law,” said Davis. Since China is distancing itself from this “huge, innovative, booming sector”, other countries like Spain seem to be seizing this opportunity.
In the same vein, a Senator from Uruguay recently introduced a bill that allows the use of cryptocurrencies as payments in contracts. The bill aims to create “legal, financial and tax security in the business that results from the production and commercialization” of cryptocurrencies.
On a hopeful note
In addition, SEC chairman Gary Gensler recently showed an “openness” to BTC ETFs, but only under certain conditions. “ETFs that meet the SEC’s strict mutual fund rules could provide investors with the protection they need,” he said.
All of this has very bullish implications for Bitcoin. Effects that are independent of how the price and on-chain data associated with the cryptocurrency might develop. Ergo, there are good reasons to believe that BTC will rise to $ 100,000 at some point. In doing so, it will also stick to what the markets project.
Lark Davis shared the same view as he concluded
“I firmly believe it is coming (BTC on $ 100,000), it’s just a matter of when it will happen.”
If I gave you a million dollars worth of the following on the condition that you had to keep it for 10 years, what would you choose?
Ray Dalio says #Gold, not #Bitcoin, I disagree, but curious about your opinion!
– Lark Davis (@TheCryptoLark) August 5, 2021