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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin purchase blocked Canada

Bitcoin To $500,000 By 2029 Likely If These 2 Factors Are Considered

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin might be up at spot rates, breaching $60,000 as momentum builds up. However, from a technical analysis perspective, bulls need more effort.

Most importantly, this will involve breaking above the local resistance level at around $63,000. A decisive, high volume close above this liquidation zone will confirm buyers of August 8 while confirming the possible resumption of Q1 2024.

Bitcoin May Reach $500,000 If Inflation And Dynamic Supply Is Factored In

A close higher, lifting valuation above $66,000, $72,000, and even all-time highs would likely ignite demand, lifting prices to fresh highs by the end of the year. Most traders expect Bitcoin to edge higher, especially now that the United Federal Reserve plans to slash interest rates, ushering in an accommodative monetary policy.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

With Bitcoin billed as a hedge against inflation, one analyst taking to X notes that the coin’s valuation should be much higher if all influencing factors are considered. In a post, the analyst said that by incorporating inflation and the changing supply of Bitcoin based on the power law model, the world’s most valuable coin is predicted to be worth much more by 2029.

Related Reading: Shiba Inu Burn Rate Spikes 1,088% In One Day, But It’s Not All Good News

In the analyst’s findings, traditional power law models, though popular in predicting the price of Bitcoin, tend to overlook the impact of inflation. At the same time, price forecasts using this model fail to consider the increasing supply of BTC.

BTC price prediction using the power law model | Source: @apsk32 via X
BTC price prediction using the power law model | Source: @apsk32 via X

However, when these shortcomings are addressed and the power law model re-factored to consider the above metric, then by 2029, BTC could reach $500,000, 66% higher than previous estimates. In this improved model, the use of the market cap of Bitcoin as a proxy for value proves to be critical.

Metcalfe’s Law And Impact Of Institutional Demand

This approach aligns closely with Metcalfe’s Law and the network effect. The law states that the value of any network, in this case, BTC, is directly proportional to the square of the number of adopting users.

Related Reading: XRP Ledger Developer Levels Grave Charges Against Ripple

Though the market market isn’t a perfect measure, it, nonetheless, offers a more accurate representation of the intrinsic value of Bitcoin. In the analyst’s view, it is more effective in measuring the intrinsic value of BTC than relying on the spot price.

Spot Bitcoin ETF flows | Source: Soso Value
Spot Bitcoin ETF flows | Source: Soso Value

Beyond inflation, traders expect inflows via spot ETFs to lift valuation like in Q1 2024. For now, Soso Value shows that all spot Bitcoin ETFs manage over $55.96 billion worth of BTC. BlackRock’s IBIT has seen inflows of $21.5 billion since launching in January 2024.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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