On September 1, the price of Bitcoin again tested $12,000 and instilled optimism among crypto investors. However, forThis increase was followed by a sharp decline in prices.
Over the past 24 hours, the price of BTC has fallen by more than10%. At the time of writing, it is trading around $10,400. It is noteworthy that the cryptocurrency market corrected simultaneously with the S&P 500 index and gold.
Bloomberg analyst Mike McGlone said that Bitcoin's next move will be either a rise to $500,000 or a fall to $0.
According to him, now the cryptocurrency marketrepeats the patterns of the 2017 bull run. The only difference is that now the price of Bitcoin is supported by developed infrastructure and the growing DeFi market.
He also suggests that Bitcoin's limited supply will cause its price to rise in the future.
Limited supply and growing demand forBitcoin in conjunction with the current economic situation could push the price of Bitcoin to $ 500,000. Or it may collapse completely. The declining volatility also demonstrates that Bitcoin is outperforming stocks and gold as a store of value.
A price of $500,000 means capitalizationBitcoin will surpass gold's capitalization of $9 trillion. Renowned investor Anthony Pompiliano believes this will happen within the next 10 years. At the moment, Bitcoin's capitalization is $195 billion – 45 times less than the capitalization of the precious metal.
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