- Ben Armstrong predicted a possible goal for Bitcoin DeFi community STACKS (STX).
- Armstrong stated STX might rise to $18, $50 and even $112 relying on a wide range of elements.
- Armstrong believes STACKS will seize a good portion of Bitcoin's Layer 2 market, however not dominate it.
Famend crypto analyst Ben Armstrong has predicted a possible goal for STACKS (STX), the Bitcoin decentralized finance (DeFi) community. Armstrong supplied three potential worth targets, relying on how the crypto market develops and the way STX addresses the instant challenges.
In a lately uploaded video, Armstrong predicted that in probably the most bearish case, STX would rise to at the very least $18, giving it a market cap of $26 billion. He believes the bearish outlook for STX will depend on whether or not Bitcoin Maxis assaults the mission and begins a brand new “battle.” In any other case, Armstrong believes STX's market cap could be round $169 billion, with a great likelihood of it rising to $112. In keeping with him, this can be doable if STACKS turns into Bitcoin's undisputed Layer 2 community.
Along with the 2 extremes Armstrong highlighted, he believes STX is more likely to find yourself someplace within the center. He expects competitors from STACKS to accentuate, making it tough for tasks to monopolize the Bitcoin DeFi area. Consequently, this famend analyst believes that the rise of DeFi NFTs on Bitcoin will introduce a number of layer 2 networks into the Bitcoin ecosystem.
Armstrong believes STACKS will seize a good portion of Bitcoin's Layer 2 market, however not dominate it. It is because totally different Layer 2 scaling options could also be launched that tackle particular use instances. Consequently, he expects STX to rise to $50, giving it a market cap of about $88 billion.
Crypto analysts thought-about a number of basic elements which have supported the expansion and growth of STACKS. These embrace the staff behind the mission, tokenomics, previous worth tendencies, advertising and marketing, and extra.
In keeping with TradingView information, STX is buying and selling at $2.89 on the time of writing, rebounding from a low of $1.24 on the finish of January. The Layer 2 cryptocurrency is up greater than 170% in latest beneficial properties, and Armstrong predicts increased worth targets sooner or later.
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