Many compare bitcoin to the early days of the internet since they are both examples of emerging technologies. And similarly, within the first decade, it was clear the internet could be used for commerce, interpersonal communications, marketing, and education. Bitcoin’s intrinsic value is below the market price according to JP Morgan’s strategists and the gap between the intrinsic value suggests that Bitcoin is on the risk of more breakdown.
Three major factors, Fudstrat co-founder and Bitcoin bull Thomas Lee took to Twitter with the findings from the firm’s 2023 “Crypto Outlook.” Bitcoin prices have reclaimed the psychological $8,000 barrier again recently and continue to crank higher as weekend trading commences. Momentum is clearly building in the Bitcoin markets. Options markets are indicating that there are available call options for a $12,000 strike price one month after the halving. Support held at $7,700 and the asset is on track to re-tap resistance at $8,400 if the bulls can keep up the buying pressure.
References:
https://www.coindesk.com/is-bitcoin-in-2020-really-like-the-early-internet
https://beincrypto.com/bitcoin-will-double-in-2020-according-to-leading-research-firm/
https://beincrypto.com/bitcoin-option-calls-indicate-price-could-hit-12000-june/
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-intrinsic-value-on-the-rise-as-anticipation-builds-regarding-cme-options-launch-202001130759
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