Binance on why Bitcoin can reach $ 100,000

Jin Chao, director of strategic development at Binance, notes that Bitcoin has potential, making it possible for it to go up to $ 100,000.

During his speech on BlockTV, Chao shared his thoughts on the future dynamics of the flagship cryptocurrency. Chao draws attention to the fact that BTC has experienced three life cycles, joining the fourth. The price can reach a range of $ 50,000- $ 100,000, that is, increase about 8 times. Now the cryptocurrency is trading at around $ 11,000.

Chao explains his assumption by the fact that in the aforementioned range, cryptocurrency will survive a “turning point” in which the spread of digital currencies will play a role. Despite the fact that in the past the BTC dynamics correlated with the altcoin segment, in the future, according to the strategic director of Binance, investment funds will be concentrated in the BTC. In addition, he stated that neither Bitcoin indicators nor Binance Coin affect the strategic development of the trading platform.

It is noteworthy that Jin Chao is not the only one who believes in achieving the BTC level of $ 50,000. So, Hiring Aslam, an analyst at ThinkMarkets, said that if the BTC holds above the 242-day moving average, then a correction is unlikely. That is, he predicts that in the short term, BTC could reach $ 20,000, in the long run, growth to $ 60,000- $ 100,000 is possible. Analyst John Rager also believes that the BTC course can reach an incredible mark, namely about $ 78,500.