Crypto analyst George Tung shares his thoughts on why Bitcoin bulls are coming back strong in April. According to George, traditionally Q1 of any year is not the best for businesses. However, in Q2, things start to improve, followed by better performance in Q3 and a strong Q4.
George supports his analysis by referencing the S&P 500 index, which has shown a green trend from 2012 to 2020, with 2022 being an exception. Although Bitcoin’s trend is mixed, the cryptocurrency has experienced a mostly green trend in April since 2016.
Bitcoin: The Superior Asset
George asserts that Bitcoin is the superior asset, having outperformed both gold and silver since MicroStrategy invested in it in August 2020, rising 137%. He believes that Bitcoin cannot be replaced and is the dominant asset in the crypto space.
Bitcoin as a Hedge Against Inflation
George emphasizes that Bitcoin is a hedge against inflation, which is a silent tax on money. Inflation reduces purchasing power and affects all fiat currencies over time.
Relation: US Could Be Hit by Potential Hyperinflation Soon-Will Bitcoin’s (BTC) Price Make It to $100K?
However, the Bitcoin price has been skyrocketing and will continue to do so, preserving wealth in the process. George predicts that institutions will continue to purchase more Bitcoin and that it will hit $1 million by 2030.
Bank of America and Fidelity’s Bitcoin Investment
Bank of America and Fidelity, two of the world’s largest asset managers, invested $75 million in MicroStrategy stock in Q1. George believes that this indicates their desire to have more exposure to Bitcoin.
Easter: How Did BTC Perform?
In a separate analysis, George noted that Bitcoin is repeating history, but it’s a good thing. Historically, Bitcoin’s price has been positively impacted by the Easter holiday.
George points to the on-chain metrics to support his claim, with the SOPR (Spent Output Profit Ratio) suggesting good things for Bitcoin’s future. When SOPR is below one, it’s not ideal, but when it’s above one, it’s generally a positive indicator.
Bitcoin’s Price Forecast
Bitcoin’s price has been hovering around the $28,000 mark for some time now, but according to George, once the $28,700 resistance level is breached, we could see a significant price increase to between $40,000 and $45,000. The king coin was worth $28,319 at the time this article was written. While it’s possible that the price could come back down again, George is optimistic that the momentum will continue.
The Impact of Banks on Bitcoin’s Future Growth
Banks reporting bad earnings, more liquidity issues, and deposit concerns may all play a role in Powell’s decision-making as the Federal Reserve Chairman decides on future interest rates. However, regardless of the outcome, Bitcoin’s trajectory is positive, repeating history in a good way.
What about you- Do you think Bitcoin will hit $1 million by 2030?
