Bitcoin is trading only a couple thousand dollars below $50,000, but according to one crypto analyst, there’s over $1 billion in stablecoins waiting on the sidelines to push the leading cryptocurrency by market cap to a price of $100,000 per coin, within the next thirty to sixty days.
Here’s why all this capital sitting on the sides could soon be used to drive prices even higher.
Analyst: Bitcoin Could Reach $100,000 Within 30 to 60 Days
Bitcoin has been an unstoppable uptrend since Black Thursday, almost a year ago to the date.
Since last March when the pandemic struck, the cryptocurrency has blossomed into a star within the finance space, providing returns wildly beyond expectations during a time when profits are slim and money is being debased at a haste.
A flood of institutional capital has pushed the price of Bitcoin during the one year from under $4,000 to $48,000, but within two months, that price could double, according to crypto trader Joseph Canfield. Canfield claims the catalyst for such a massively bullish move in such a short amount of time, is some $1 billion in sidelined stablecoins.