A finance expert from Bloomberg says that Bitcoin is now in a period where its value is going up, which means it is in a bull market.
Blockchain expert Jamie Coutts posted on social media that Bitcoin’s recent price surge is similar to a big increase in 2020 that led to a significant uptrend.
“This week, the way Bitcoin’s price has moved is similar to when it broke through the $10,500 barrier in July 2020. ” The price has gotten rid of a big problem with too much supply – the biggest ever.
Despite occasional decreases in price, the overall trend is still showing a strong market for buying, which I predicted in December 2022 using my analysis of how much money is available and how the market is organized.
Coutts says that the number of people using crypto could grow a lot by 2028, up to 1,900%. This could happen because more people are using stablecoins, tokenizing real world assets, and using account abstraction.
The analyst thinks that banks and other money companies that didn’t trust the industry before will have to change their minds next year when they see how important regular money is.
“Keep an eye on traditional finance companies that made a bad decision in the past, to change direction in 2024. ” Bitcoin is becoming a popular choice for a global reserve asset. People who manage pensions and funds are realizing they need to rethink how they manage risk and diversify their investments. They are also learning about the limitations of traditional currency.
Real-world assets are turning into digital tokens, accounts are becoming easier to use, and stablecoins are becoming more popular. Because of these changes, the number of people using cryptocurrency every day could go from five to 10 million to 100 million by 2028.
BTC is worth $34,764 right now.