Bitcoin could take five or more years to reach the price of $100,000, according to Bloomberg’s demand indicators. Bitcoin (BTC) has had a history of adding zeros to its price when Bitcoin first traded at $1,000, it took 4 years to add another zero, to reach $10,000.
Bloomberg’s chart also indicates that the 260-day annual measure of volatility is heading downward, with most demand and adoption measures pointing to the fact that Bitcoin will stay on a bullish path. Bloomberg’s demand indicators suggest that Bitcoin’s price is on track toward the $14,000 Bitcoin resistance.
With Bitcoin’s unique finite supply, Bitcoin’s supply cannot be influenced by price. Therefore, the adoption of the world’s largest cryptocurrency is a primary valuation metric for Bitcoin. Bitcoin’s supply is also declining on an annual percentage basis, which could also increase its price and demand.