Bitcoin Is On Track To $100,000, According to Analyst Lark Davis
Prominent trader Lark Davis predicts that the King of cryptocurrency Bitcoin (BTC) is getting ready to go back to 65,000 and staging itself to go on to hit $100,000.
The trader lists out promising price catalyst that could drive Bitcoin (BTC) to the moon.
Firstly, Davis points out that big money is buying BTC miners. In particular, Fidelity has bought 7.4% of Marathon Digital Holdings, one of the largest Bitcoin mining companies in North America.
“This recent purchase exemplifies a growing trend among institutions and individual investors of gaining exposure to the crypto industry through traditional equity or debt securities.”
Another BTC catalyst is that Spain considers allowing mortgage payments in crypto. The trader highlights that not only do lawmakers in the country wish to enable mortgage payments in crypto, but the proposal extends to include an overhaul of the entire mortgage system.
“It puts forward the case that banks should use blockchain to administer the mortgage system. It also suggests utilizing smart contracts for insurance, which they believe will speed up the claims process.”
Uruguayan is another country that is on its way to adopt crypto. Uruguayan lawmaker proposes bill to allow crypto to be used for payments. According to Davis, the bill says that “Crypto assets will be recognized and accepted by law and applicable in any legal transaction. They will be considered a valid means of payment, in addition to those included in the financial inclusion law, as long as they comply with the rules set forth in the law and the regulations.”
Bitcoin towards $100,000
Davis cites a report of Bloomberg Crypto Outlook about a bullish future trajectory for Bitcoin, stating “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
The trader says that the changes in about three years is sufficient to sustain more of the same for most of Bitcoin’s history – rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.
“The dip in the Bitcoin bull-market appears over,”
Davis also commented on Bitcoin’s dominance over centralized alternatives such as Ethereum, “The No. 2 crypto is likely more at risk to a pullback in the stock market than store-of-value Bitcoin.”