Bitcoin To Surpass $ 100,000 In Six Months, CEO Omar Chen

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Bitcoin price predictions are currently being fueled by the current price movements of the asset. Prominent market figures continue to post bullish price predictions for the asset. So far, $ 100,000 appears to remain a majority favorite, with many believing that the digital asset is on the verge of breaking that price by the end of the year. Among those who believe this prediction is ZB.com CEO Omar Chen.

Speaking to Cryptogeek, Chen spoke about the bitcoin market. The digital asset’s price movements have been at the center of the CEO’s concerns, as he explained that he believes bitcoin has already seen bottom for this year, which he places at $ 30,000. According to Chen, while the digital asset could have fallen below $ 30,000, most of the risks are factored in.

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For Chen, the fact that bitcoin is a deflationary asset and the scarcity of the asset remains the asset’s most attractive monetary attribute. The 21 million bitcoin supply cap has always worked in the asset’s favor. As the supply is low, the demand for the asset is expected to exceed the available supply, which in turn would cause the price of BTC to soar.

Growing interest in the Bitcoin market

Interest in the cryptocurrency market as a whole has grown steadily in recent years. Despite the long time bitcoin spent in a bear market after the 2017/2018 bull market ended, interest in the digital asset has not waned. On the contrary, the market has witnessed an influx of new investors into the market. Digital asset returns have also helped on the adoption front, outperforming gold and other top assets in the financial market.

BTC price drops 10% in 24 hours | Source: BTCUSD on TradingView.com

Chen compared the adoption of bitcoin to the internet in the 90s. Acceptance was slow at first, as people ignored the impact the internet would have on the future. Chen predicts that by following this model, the market will see an additional 100 million new users in the next 2-3 years.

Related reading | Crypto Market Cap Close To $ 2 Trillion, What To Expect From The Market

A large number of users like this would certainly see the value of bitcoin rise. Everyone would like to own some of the best cryptocurrency, causing demand to increase, but the supply won’t change. In fact, the supply will continue to decrease as the market halves, resulting in less BTC being awarded to miners for each block they mine.

2025 is the year of ubiquity

Following Chens’ analysis of the movement of bitcoin similar to that of the internet in the 90s, the CEO sees a rapid spread of the digital asset around the world from 2025. Chen’s analysis would see the assets will become more common by 2023, most likely coming from adoption by large and small businesses. Second, the widespread use of the digital asset around the world as it becomes more acceptable.

Related Reading | Bitcoin at $ 46,000, will the market see $ 50,000 before the next bear market?

Chen pointed out that the next 2-3 years will see some themes that will be at the forefront of the market. I think in the next 2-3 years, compliance, institutionalization and even the entry of sovereign institutions into the market will be the main theme, Chen said.

The price of bitcoin has held up fairly well in the market over the past two weeks. The bullish rally saw the asset rebound around the charts before settling, making $ 44,000 its new point of support, despite losing more than 10% in the past 24 hours.

Featured image from Cryptopolitan, chart from TradingView.com

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