Crypto winter is over, and that’s according to Clem Chambers. While some analysts have recently expressed some bearish sentiments and have been expecting Bitcoin to drop down to $2,500, Chambers has been all bullish expecting the crypto to finally gain enough momentum to push through the $5k resistance and cruise upwards. Clem Chambers is the CEO of ADVFN, a popular website focused on stocks and investments.
$10k Or More
Going further, Chambers declared the crypto winter officially over and said that it’s just a matter of time before Bitcoin reaches $6,000, which he considered an easy target if the crypto gets enough traction. From there, Chambers expects Bitcoin to go as high as $10,000 within the year. Chambers was speaking to Forbes when he linked the rising crypto prices to the possible depreciation of the Chinese Yuan-Dollar pair.
Stablecoins Bringing In Money
According to Chambers, one of the major factors driving up the crypto prices is the increased in-flow of money into the crypto industry. He attributed the in-flow to the money coming in from the Stablecoins. In his opinion, an influx of money into the industry causes a proportionate increase in crypto prices.
Chambers explained that as crypto mining continues and new blocks are mined, the new supply has to be matched with money inflow at current levels. However, if more money flows in, demand increases and the crypto prices shoot up.
With that, Chambers concluded that the Bitcoin market needs about $3.3 billion to push the price up. Looking at the current market developments with various financial institutions expressing interest in Bitcoin and the crypto industry, it’s not far-fetched to opine that the money inflow is a growing possibility.
BTC Is Challenging Gold
It’s a fact now that Bitcoin is growing in popularity and usability. There are now numerous institutions accepting Bitcoin payments. Bitcoin is almost going totally mainstream, and that puts it in a prime position to challenge Gold as the ultimate store of value.
The Gold market is estimated to amount to about $5 trillion. In comparison, Bitcoin’s market is just around $0.09 trillion (about 0.18% of the gold market). If Bitcoin could succeed in grabbing just a fraction of the gold market, it could easily surpass its previous ATH (All-Time-High) price.