Experts Predict Bitcoin's Bullish Trend Driven by Several Factors: Jirayut Highlights 3 Reasons for Price Surge, Including Unlimited QE from the Fed, Halving Phenomenon, and U.S. Approval for Banks to Accept Digital Deposits. This Year, Prices Have Already Increased by 66%, While Praminth Points Out the Correlation with Gold Buying Pressure.

Yesterday (August 10), Bitcoin's price experienced significant volatility, rising above $12,000 to reach $12,220, marking a 5.57% increase and the highest level in over a year. However, profit-taking led to a subsequent decline, with prices fluctuating between $11,800 and $11,900.

Mr. Jirayut Sapsrisop, CEO of Bitkub Capital Group Holding Co., Ltd., and founder of the cryptocurrency trading platform Bitkub.com, stated that the surge in Bitcoin's price is due to increased investor interest. Additionally, there are three key factors contributing to this price rise.

The first factor is the Federal Reserve's unlimited quantitative easing measures, which have made investors hesitant to hold dollars, prompting them to turn to alternative assets like gold and Bitcoin. Secondly, the recent Bitcoin halving phenomenon, which reduces the number of new coins issued by half every 10 minutes, occurs every four years. Lastly, the U.S. Office of the Comptroller of the Currency (OCC) has allowed banks to accept cryptocurrency deposits, fueling speculation in Bitcoin.

Since the beginning of the year, Bitcoin has risen approximately 65%, climbing from $7,233 to its current level of $12,000. In Thai baht, this translates to an increase of over 115,000 baht, from 217,000 baht per Bitcoin to 372,000 baht per Bitcoin.

Mr. Jirayut also noted that over the past decade, Bitcoin trading has grown rapidly, with over 50 million Bitcoin wallets worldwide, and it is expected to surge to 1 billion wallets within the next 10 years.

"Investors looking to invest in Bitcoin should use spare money, as investing in this asset is similar to investing in gold, which does not provide interim dividends and can be volatile due to the need for buyers to purchase from us. Investors should also have investment knowledge to make informed decisions," he advised.

Mr. Praminth Insom, Chairman of Stang Corporation Co., Ltd. and founder of Zcoin, stated that Bitcoin's record high in a year is a result of its price movement in line with global gold prices, as Bitcoin is considered an asset similar to gold that investors can hold for profit.

It is anticipated that Bitcoin's price will continue to trend upward for the remainder of the year, with the potential to reach $15,000 to $16,000, due to the high level of global uncertainty driving more people to invest in Bitcoin. Additionally, the current price of $12,000 is viewed as not overly expensive, as Bitcoin previously reached an all-time high of $20,000 in 2017.

However, it is also expected that Bitcoin's price could drop to around $8,000 if global conditions worsen, as investors may choose to sell Bitcoin to lock in profits or hold cash for daily living expenses.

"Given the current situation, it is advisable for investors to trade short-term rather than hold long-term, as the future remains uncertain," he concluded.

SOURCE : www.bangkokbiznews.com