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A new report from a crypto research group suggests that the Bitcoin price could approach $400,000 in the next 10 years, with altcoins following its bullish example.
In the June 2020 edition of the Crypto Research Report, researchers predicted the price of Bitcoin (BTC) and other altcoins — Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Stellar (XLM) — would get a huge surge before 2025, which may continue for at least five years.
“We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”
That would mean a price increase of more than 4,000% for BTC by 2030, but ETH, LTC and BCH are also looking bullish in this scenario, with surges of roughly 1,600%, 5,000% and 5,400%, respectively. However, XLM would see the largest increase: more than 11,000% from $0.07 to $7.81.
The Liechtenstein-based research group analyzed cryptocurrencies based on their target addressable market, or TAM, a metric used “to estimate a cryptoasset’s implied future price.” According to the report, TAMs for cryptocurrencies include remittance, tax evasion, offshore accounts, store of value, online transactions, micropayments, crypto trading, gaming, online gambling, consumer loans, reserve currency and others.
The report also observed on- and off-chain velocity metrics for altcoins and concluded that the “growth in the number of speculative transactions on exchanges is faster than growth of utility transactions to buy goods and services.”
“On-chain velocity” is a metric measured by transactions on a blockchain, while “off-chain velocity” is determined by trading activity on crypto exchanges. When analyzing Bitcoin, the researchers noted the price of the cryptocurrency and its activity on exchanges both increased at roughly the same time:
“If cryptocurrencies gain adoption for long-term hoarding purposes or for short-term spending on speculation or coffees, the price of crypto assets will go up,” the Crypto Research Report stated. “High velocity on-chain and low velocity off-chain suggests that crypto assets are becoming increasingly used for speculation and not for store of value.”
In other trending Bitcoin News Today:
Why Top Traders Expect Bitcoin to Hit $13,000 Despite Short-Term Weakness
As NewsBTC reported previously, one analyst does believe that a continued defense of this crucial support region could be all that is needed to spark a movement up to highs of $12,000.
“I think, if we hold $8,800-8,900. From here to $9,600, then flip $9,300, crawling back up with acceleration above $10,000 and then $11,500-12,000 test,” he explained.
This analyst isn’t alone in believing that Bitcoin could be well-positioned to see some major upside in the coming days and weeks.
Another popular pseudonymous trader explained earlier today that a massive liquidity pool around $10,500 indicates that a move to this crucial resistance is imminent. From here, he believes Bitcoin could then push up towards $13,000.
“Macro BTC context: still think we’re heading towards $13K mid term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.”
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Show Notes / News Resources:
– Crypto Research Report: https://cryptoresearch.report/wp-content/uploads/2020/06/Crypto-Research-Report-June-2020-ENG.pdf
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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