Since Bitcoin topped $40K, investors have been obsessed with the $50K price target. Not only is this a major psychological position but a new ATH as well.

With prices currently hanging just below, $50K looks inevitable. Some will look to cash out here and we could very well see a major pullback once this target is hit. But on-chain data suggests that investors could miss out on a larger move if they treat $50K as Bitcoin’s top. In fact, this data suggests that $50K will be half the levels it could achieve in the current bull cycle.

As of publication, Bitcoin is enjoying moderate gains of a little over 5%. These gains take Bitcoin above $47K and come following several positive developments both in the last few hours and throughout the week. One key development, regulatory, is the confirmation that Miami Mayor, Francis Suarez has gotten his resolution to adopt Bitcoin in a number of strategic ways. These include allowing employees to receive payment in BTC, collect city fees and taxes in BTC, and investing the city treasury in BTC.

With Wallstreet already warming up to the idea, regulators getting on board will set a clear path for Bitcoin to achieve mainstream adoption in the next few years.

Target: $110K BTC In A Month

For most, by then it could be too late as prices could easily be over $100K. Co-founder and CTO of Glassnode, Rafael Schultze-Kraft, has shared a chart that shows Bitcoin pumping another 135% in the current bull cycle. The on-chain analyst follows the market cap to Thermo cap ratio and their roles in past price trends. He notes that the last time the current ratios were at current levels, Bitcoin went on to surge another $135%. If successful, this will push Bitcoin to around $110K which could be as soon as in a month.

In recent weeks, Bitcoin price seems to be moving to positive news. The hype and speculation have been enough to push prices to nearly $50K. Once the news slows, the charts will be back on trend, but by then some investors will have been distracted by $50K top losing out on a chance to double this.

Read more: ZyCrypto

Politicians appear set to use bitcoin (BTC) and altcoins as tools to score points with crypto-keen voters and citizens in some of the USA’s biggest cities – as would-be New York mayor Andrew Yang and current Miami mayor Francis Suarez appear keen to outdo each other with far-reaching new promises and manifesto pledges that can also help attract new investments into these cities.

Suarez, per Bloomberg, has proposed investing a “limited amount of government funds” in bitcoin, and said that he “is committed to promoting the emergence of bitcoin as it continues to gain mainstream acceptance.”

And the Miami political chief might not stop there: He also proposes paying municipal workers in BTC and allowing citizens to use the token to pay their tax bills.

On Twitter, he confirmed that he was “exploring paying employees in bitcoin” and “investing city treasury in bitcoin.”

Suarez wanted city commissioners to vote to begin using BTC without hesitation. However, per a Miami Herald report, after a long discussion where commissioners raised several questions about moving into the world of cryptocurrency, they agreed by a 4-1 vote to require analysis before the city hires a company to process transactions.

Meanwhile, Yang, a former candidate for the Democratic Party’s presidential nomination, appears keen to trump Suarez with some bold promises of his own.

On Twitter, Yang wrote that should he win his bid to lead “the world’s financial capital” he “would invest in making the city a hub for BTC and other cryptocurrencies.”

Democratic and Republican primaries will be held in June this year, and New Yorkers will head to the polls on November 2. Yang is the overwhelming favorite to win with almost all British bookmakers, per data from Oddschecker.

Meanwhile, responding to Yang’s pledge, Wyoming’s so-called bitcoin senator, Cynthia Lummis, who is now also serving on the US Senate Banking Committee, quipped that her connections would happily assist Yang if he decided to do away with the state’s much-maligned crypto service providers operating permit system, the BitLicense. She wrote on Twitter,

“Wish ya the best of luck keepin’ up with Wyoming. Reach out when you need to unravel the BitLicense. I know some folks who would be happy to help.”

Wyoming is already known for its pro-crypto and blockchain policy.

Read more: cryptonews