Bloomberg Mike McGlone believes Bitcoin May Pull toward $900.

“Parabolically increasing supply is the primary limitation to cryptocurrency market-price appreciation,” McGlone said. “There’s strong gravitational pull toward $900, the average price since inception and the start of 2017.”

The reason: Bitcoin's supplies may be capped to 21 million coins but Cryptocurrencies are not. There are already more than 50 million outstanding coins forked from the original Bitcoin or with alternative implementation of blockchain technologies.

Source: Bloomberg

Popular posts from this blog

Bitcoin is not going to be your major currency anytime soon

Natural Gas Prices Move Above $3