The pseudonymous Bitcoin (BTC) analyst PlanB says two catalysts could incite the next major waves of BTC rallies.
“If you would have asked that question five years ago, I wouldn’t have thought of everything that has happened since. It’s probably something we don’t know right now that will propel us to the next levels. But if we just extrapolate from what we know, a second or third El Salvador would really change the game. If El Salvador, a small country, would not be alone in Latin America, but if Mexico, Brazil, or Argentina would join them, that would make the case so much stronger and so much more difficult for the IMF [International Monetary Fund] to crush. That’s something I really watch.”
The quantitative analyst also says that everyday crypto adoption by normal people will produce huge rallies for Bitcoin, especially when paired with institutional adoption.
“And then, just normal demand from normal people that go through the institutions – people putting their pensions in Bitcoin… People buying Bitcoin themselves from an exchange… I see it all around me.
There are a lot of people who think this is a good time to buy Bitcoin… A lot more people are asking, ‘Hey, how do you set up a wallet?’ And I think that very small adoption is also very important, and that’s what we’re seeing as well.”
Bitcoin is trading for $39,876 at time of writing.
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