The BTC/USD is trading with a slight bullish bias at $66,274, reflecting a nearly 0.75% surge, signifying the potential for a bullish Bitcoin price prediction.
According to the report published by Vaneck, Bitcoin (BTC) could become a key global medium of exchange and a significant reserve currency by 2050.
This potential stems from the anticipated decline in trust in current reserve assets and the resolution of Bitcoin’s scalability issues through emerging Layer-2 (L2) solutions. These developments could help create a global financial system that better meets the needs of developing economies.
Bitcoin’s Future Valuation: $2.9M by 2050
It is plausible that Bitcoin could be used to settle 10% of global international trade and 5% of domestic trade by 2050. This scenario would lead to central banks holding 2.5% of their assets in BTC.
Based on global growth projections and Bitcoin’s demand, a potential price of $2.9M per Bitcoin is suggested, resulting in a market cap of $61 trillion.
Additionally, Bitcoin L2 solutions could collectively be valued at $7.6 trillion, approximately 12% of BTC’s total value.
Shifting Trends in the International Monetary System
The current trends in the International Monetary System (IMS) favor Bitcoin’s rise as traditional reserve currencies decline. The relative global GDP of economic leaders like the U.S., EU, UK, and Japan is expected to fall, diminishing confidence in their currencies as long-term value stores.
Concerns about property rights in Western monetary systems, particularly in the U.S., are growing, driving businesses and consumers towards Bitcoin as a neutral medium of exchange with immutable property rights and predictable monetary policy.
The Impact on Bitcoin Price
As the international monetary system shifts, Bitcoin’s role could expand significantly. If it becomes widely adopted for international trade and central bank reserves, its price could surge to $2.9M by 2050.
This adoption would enhance Bitcoin’s utility and drive demand, making it a cornerstone of the global financial system. However, these projections depend on resolving scalability issues and maintaining Bitcoin’s core principles, ensuring it remains a trusted and stable reserve asset.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $66,274, reflecting a nearly 0.75% increase in the latest session. The bullish breakout above the downward trendline signals a potential buying trend, particularly if the price sustains above the $66,000 level.
Bitcoin Outlook
Bitcoin is showing bullish momentum, trading at $66,274 with a breakout above the downward trendline.
Key levels:
Support: $65,625
Resistance: $67,023, $67,705, $68,400
RSI at 58.64 signals moderate bullishness. #Bitcoin #BTC #Crypto pic.twitter.com/NzKSYIjki6
— Arslan Ali (@forex_arslan) July 26, 2024
Key price levels to watch include the pivot point at $65,721, which acts as a critical support level. Immediate resistance is found at $67,023, with additional resistance levels at $67,705 and $68,404. On the downside, immediate support is at $65,625, followed by $64,633 and $63,447.
The Relative Strength Index (RSI) is currently at 58.64, indicating moderate bullish momentum. The 50-day Exponential Moving Average (EMA) at $65,721 serves as a significant support level, reinforcing the bullish outlook.
The recent breakout above the downward trendline suggests that Bitcoin’s price may continue to rise. The next key resistance levels are around $67,000, $67,700, and $68,400.
As long as Bitcoin remains above the $65,700 pivot point, the bullish trend is expected to continue, aiming for higher resistance levels in the near term.
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