Bitcoin is trading only a couple thousand dollars below $50,000, but according to one crypto analyst, there’s over $1 billion in stablecoins waiting on the sidelines to push the leading cryptocurrency by market cap to a price of $100,000 per <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin, within the next thirty to sixty days.
Here’s why all this capital sitting on the sides could soon be used to drive prices even higher.
Analyst: Bitcoin Could Reach $100,000 Within 30 to 60 Days
Bitcoin has been an unstoppable uptrend since Black Thursday, almost a year ago to the date.
Since last March when the pandemic struck, the cryptocurrency has blossomed into a star within the finance space, providing returns wildly beyond expectations during a time when profits are slim and money is being debased at a haste.
Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH
A flood of institutional capital has pushed the price of Bitcoin during the one year from under $4,000 to $48,000, but within two months, that price could double, according to crypto trader Joseph Canfield. Canfield claims the catalyst for such a massively bullish move in such a short amount of time, is some $1 billion in sidelined stablecoins.
Could the $1 billion stablecoins drive Bitcoin to this incredible target within two months? | Source: BTCUSD on TradingView.com
How Stablecoins Have Been Shown To Increase Crypto Prices
Stablecoins such as Tether, USD <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>Coin, Paxos, and many others, are tied 1-to-1 to the dollar, hence the “stable” categorization. As the supply of stablecoins rises, so do the prices of Bitcoin, Ethereum, and the rest of the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of