El Salvador’s President Optimistic About Bitcoin, Predicts “Gigantic Price Increase”

El Salvador’s president Nayib Bukele has been ever jumpeful and positive about Bitcoin and its cost as a digital asset. In spite of Bitcoin’s squally rate movements in the past few weeks, Nayib Bukele believes which it is only a matter of time till Bitcoin registers a massive rate growth.

He took to Twitter to speak about how demand for Bitcoin would soar while there wouldn’t be enough supply of the digital asset. This tweet was seen floating all across social media right after the International Monetary Fund advocated likewisest Bitcoin’s status as a legal tender. 

Nayib Bukele Stressed On Bitcoin’s Scarcity Case 

In the tweet mentioned below, El Salvador’s Bitcoin-loving president made a statement about Bitcoin’s scarcity fact. Through this, he went on to confirm and emphasize how the shortage of Bitcoin will not be able to meet the accelerated demands of the token. 

He quotes on Twitter “There will ever be only 21 million Bitcoin” and “Not enough for even half of them”. He stronglighted the fact which there are more than 50 million millionaires in the world and that there isn’t enough Bitcoin for half that population. 

This “gigantic” cost increase would be a result of the skyward demand and scarce supply of the token. The prediction comes after Bitcoin dipped by almost 20% this year with ongoing cynicism and bleakness in the crypto market. 

A statement about Bitcoin’s potential to propel importantly in the future has been made before too. Bitcoin supporters have stated in the past how the coin will become more valuable in the future, at the same time many continue to maintain wary of equivalent predictions. El Salvador’s president has been in the news very recently after he purchased 410 Bitcoins and termed the transaction a “cheap” one. 

Related Reading | Nvidia’s LHR Effort To Stop Ethereum Miners Was A Failure, Reveals Report

Bitcoin Price Analysis: Four Hour Chart 

Soon after the IMF’s report was released, Bitcoin’s rate traveled southwards. At the time of writing, however, Bitcoin posted minor gains. In the maintain 24 hours, Bitcoin (BTC) struggled to break over the $38k rate barrier. At the time of writing, the king of cryptocurrencys was seen exchanging at $38,465.56. 

Technical outlook signaled towards a positive cost action, at the same time it is too early to ascertain if the coin would extend to development skywards in the upcoming dealing sessions. 

Relative Strength Index that indicates buying strength portrayed a rise in the number of buyers in the market. This reading is contemplated positive as RSI was parked atop the half-line after recatoping from a bearish region instantly. 

On Balance Volume had noted a sharp decline barely a week ago, pointing towards a negative volume flow in the market. OBV at press time, rose briefly as seen from the uptick, signifying an increase in volume flow. A fall from the current cost level would drag Bitcoin (BTC) near $38k and then to $35k. On the other hand, resistance for the coin stood at $39k.