Bitcoin (BTC) Stuck Around 4,000, But Analysts Expect a Drop as Upwards Momentum Fizzles

The crypto markets are experiencing a relatively quiet Friday as Bitcoin continues to trade sideways in a tight trading range between $4,000 and $4,100. This stability should not fool traders, however, as analysts expect BTC to drop in the near future as its upwards momentum begins to fade.
If Bitcoin is unable to garner more buying pressure as the markets head into the weekend, it is likely that Bitcoin will drop back into the upper-$3,000 region.
Bitcoin (BTC) Stuck Below $3,900 
At the time of writing, Bitcoin is trading up less than 1% at its current price of $4,040. Throughout this week, BTC has firmly established $4,100 as a level of resistance, as it has unsuccessfully attempted on multiple occasions to break above this price level.
Importantly, however, Bitcoin has established $4,000 as a level of support, as it has bounced after touching this price. Despite this, the true test of Bitcoin’s current strength remains in its ability to advance above $4,200, which was established as a key resistance level last month.
Although the lack of upwards momentum does seem negative, Luke Martin, a popular cryptocurrency analyst on Twitter, recently noted that he is only bearish on BTC in the short-term if the crypto begins tepidly moving towards stronger resistance levels above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” he noted.

If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I'll consider being bearish short term.
Unless you are a short term daytrader flipping your outlook between 4400 and 2k after a red 30 minute candle isn't too helpful. pic.twitter.com/gAIhviwYXy
— Luke Martin (@VentureCoinist) March 21, 2019

Historically, the crypto markets have been more prone to making large price swings during weekend trading sessions, which means that traders may gain more insight into where BTC is heading next over the next couple of days.
Analyst: Bitcoin Likely to Drop Back into Upper-$3,000 Region in Near-Future
Because Bitcoin is not expressing any signs of significant technical strength at the moment, unless it is able to make a large upwards push in the near future, it may soon drop back into the upper-$3,900 region.
The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, setting a target for BTC at $3,900.
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range,” she explained.

$BTC
Mentioned couple days ago we will see movement for yesterday price actionWe dropped and bounced of candle support as RSI support failed We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range pic.twitter.com/bclvVRlZqy
— The Cryptomist (@TheCryptomist) March 22, 2019

If the crypto does drop back below $4,000, this level will likely be further solidified as a strong psychological level of resistance, which may prove to be increasingly difficult to break above.
Traders and analysts alike will be closely watching to see how the markets respond to their current price levels during the weekend.
Featured image from Shutterstock.
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Report: Bitcoin and Crypto Markets More Regulated Than Widely Thought

There is a common motif within the crypto markets that the advent of “do-no-harm” regulation would allow for an influx of institutional, corporate, and public funds that will help propel Bitcoin and other cryptocurrencies higher.
Despite this, a recent report conducted by Bitwise Asset Management explains that the nascent markets are actually significantly more regulated and surveilled than widely known, while also importantly noting that the actual trading volume on many major exchanges is significantly lower than reported.
Are the Crypto Markets Actually Regulated Presently?
The report, which was published and conducted by Bitwise – a crypto asset management firm – came about after the firm submitted a Bitcoin-based ETF application to the Securities and Exchange Commission (SEC) and offers an in-depth look at many of the major topics currently surrounding the new and quickly evolving crypto industry.
In a section of the report titled “The Bitcoin Market Is More Regulated and Surveilled Than Is Commonly Understood,” Bitwise explains that the crypto markets are in fact regulated – in a certain regard.
“We are not implying that bitcoin spot exchanges are ‘regulated markets’ or that they are on an equal legal status with national securities exchanges or futures exchanges, but rather that the…exchanges highlighted earlier interface with other forms of regulation,” the report stated.
One such form of regulation that Bitwise notes exchanges are currently interfacing with is the FinCEN requirement that crypto exchanges register as Money Services Business (MSB), a requirement that has been in place since 2013. As a MSB, exchanges are subjected to a plethora of strict regulatory requirements.
Furthermore, the exchange also notes that exchanges who offer their services to users in the state of New York are required to acquire a BitLicense, which mandates that exchanges comply with a significant number of regulatory requirements that ensure safety for customers.
Report Claims that 95% of Bitcoin Trading Volume is Artificially Created
Another key portion of the report offers an interesting set of data regarding the veracity of the trading volume on major crypto exchanges.
“We will demonstrate…that approximately 95% of this…volume is fake and/or non-economic in nature, and that the real market for bitcoin is significantly smaller, more orderly, and more regulated than commonly understood,” the report explains.
Bitwise then elucidated the results of a test they applied to the top 81 exchanges by trading volume – which entailed using trade size histograms, volume spike analysis, and spread patterns – to determine the veracity of the exchange’s trading volume.
Shockingly, the conclusion is that of the top 81 exchanges, only ten of them – including Binance, Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Bitstamp, bitFlyer, Gemini, and itBit – had predominantly genuine trading volume.
When considering this data and Bitwise’s conclusion that 95% of the total Bitcoin trading volume is artificially created, it shines a light on just how much room Bitcoin, and the crypto markets as a whole, have to grow.
Featured image from Shutterstock.
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Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

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Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years
It seems that Facebook is in “hot water” again as the company stored millions of user passwords improperly for years.
Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

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Source: CoinSpeaker

Bitcoin (BTC) Price Looks To Reclaim $4,000 After Sharp Sell-off

Bitcoin price traded to a new weekly high above $4,060 and later declined sharply against the US Dollar.
The price broke the key $3,960 support level and tested the next main support at $3,875.
There is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The recent rebound was positive, but it won’t be easy for buyers to reclaim $4,000 and $4,020.

Bitcoin price rebounded sharply after a massive drop below $3,900 against the US Dollar. BTC must climb above $4,000 to move back in a positive zone and revisit $4,060.
Bitcoin Price Analysis
Yesterday, there was an upside extension in bitcoin price above the $4,020 resistance against the US Dollar. The BTC/USD pair broke the $4,050 resistance and traded to a new monthly high at $4,065. However, buyers failed to stay in control, resulting in a sharp decline below $4,050 and $4,020. The price even broke the $4,000 support and settled below the 100 hourly simple moving average. The decline was strong as the price even failed to hold the $3,950 and $3,900 support levels.
However, the next key support at $3,875 prevented further declines. A swing low was formed at $3,872 and later the price bounced back sharply. It broke the $3,900 resistance and the 23.6% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. More importantly, the price rebounded above the $3,950 resistance level. Finally, there was a close above the 50% Fib retracement level of the recent decline from the $4,065 high to $3,872 low.
At the moment, the price is facing a strong resistance near $3,990 and the 100 hourly simple moving average. The main resistance is near $4,000 and the 61.8% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. Besides, there is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair. Therefore, a break above the $4,000 and $4,020 resistance levels is must for additional gains in the coming sessions.

Looking at the chart, bitcoin price rebounded nicely from the $3,875 support level. However, buyers might find it difficult to gain strength above $4,000 and $4,020. If they continue to face hurdles, there could be another bearish reaction below the $3,950 and $3,920 support levels.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
Major Support Levels – $3,950 followed by $3,920.
Major Resistance Levels – $4,000, $4,020 and $4,060.
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Crypto Market Rebound Facing Hurdles: Bitcoin Cash, EOS, BNB, TRX Price Analysis

The total crypto market cap failed near the $136.0B resistance and declined sharply.
EOS price broke the $3.70 support and tested the $3.62 support area.
Binance Coin (BNB) is down more than 4% and settled below the $15.00 support level.
Bitcoin cash price is correcting lower and it may test the $150 support zone.
Tron (TRX) price is stable and still holding the key $0.0220 support level.

The crypto market could turned red and facing a lot of hurdles, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to extend losses.
Bitcoin Cash Price Analysis
Bitcoin cash price started a downside correction after testing the $165 resistance against the US Dollar. The BCH/USD pair traded below the $160 and $155 support levels. It even tested the $150 support level and it is currently consolidating losses.
An immediate support is at $150, below which the price may trade towards the $140 support level. On the upside, the previous supports near the $155 and $160 levels are likely to act as barriers for buyers.
EOS, Tron (TRX) and BNB Price Analysis
EOS price started a downside move after it failed to break the $3.80 resistance. There was a steady decline below the $3.75 and $3.70 support levels. The price even broke the $3.65 support and traded close the $3.60 support. It is currently trading near $3.65, with many hurdles on the upside near $3.70.
Tron price was stable and decline was limited below $0.0230. TRX price is still trading above the $0.0220 support, which is a positive sign. However, the price must settle above $0.0230 and $0.0235 to move into a positive zone.
Binance coin (BNB) started a major downside correction from well above the $15.50 level. BNB price broke the $15.00 support and the price is now down more than 4%. An immediate support is at $14.50, below which the price may trade towards the $14.05 support. On the upside, the $15.00 level is likely to prevent gains in the near term.

Looking at the total cryptocurrency market cap hourly chart, there was another rejection near the $136.0B resistance level. As a result, there was a sharp drop below the $135.0B level and a connecting bullish trend line on the same chart. The market cap even settled below the $133.5B support and the 100 hourly simple moving average. It tested the $130.0B support and later bounced back above $132.0B. However, there are many hurdles for more gains near the $132.8B and $133.50B levels. Therefore, upsides are likely to remain capped in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, BCH, XMR and other altcoins in the near term.
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Prominent Analyst: Bitcoin (BTC) is Likely to Surge to 400k, Does This Mean the Bottom is in?

Bitcoin’s price action over the past year and a half has been quite the rollercoaster, with many investors incurring nearly instant wealth in late-2017, followed by tremendous losses for those who continued to hold their Bitcoin or other crypto investments.
Despite this, those who held and are still holding are doing so either because of a fundamental belief in the technology, or at the very least a belief that the markets will eventually surge back to, or above, their previously established all-time-highs.
That being said, recent comments from a prominent analyst about the potential Bitcoin’s price has to surge significantly higher will certainly be reassuring for embattled crypto investors who have been discouraged by the recent market conditions.
Bitcoin (BTC) Drops to $4,000 as Support Level is at Risk of Being Broken
At the time of writing, Bitcoin is trading down over 1% at its current price of $4,015, just a hair above its recently established support level at $4,000.
Yesterday, Josh Rager, a popular cryptocurrency trader on Twitter, explained that the lack of buying pressure above $4,000 is likely to lead BTC’s price to $3,500, which may be reached soon if the crypto’s bulls are unable to keep Bitcoin’s price above $4,000.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Naeem Aslam, the chief markets analyst at Think Markets U.K., recently spoke about the importance of the $4,000 level, noting that it will set the trend for which direction the markets head next.
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend,” he explained, further noting that this price level has become a “matter of death or life for crypto traders.”
Could Bitcoin Surge to $400,000 Next?
Although Bitcoin’s instability around its current price levels does seem to be significant in the short term, in the long term it may be very insignificant, as Aslam believes that BTC could eventually surge as high as $400k.
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run,” he bullishly explained.
Keeping that in mind, for traders who are waiting to buy the bottom, the risk / reward ratio simply doesn’t make sense.
Ryan Selkis, a popular figure within the crypto industry, spoke about the absurdity of trying to purchase a bottom when there is such a massive potential upside for BTC in a recent tweet.
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?” He noted.

I'd be extremely surprised if the bottom wasn't in for this $BTC bear market.
If you've been on the sidelines, what are you waiting for if not now?
If you're a long-term bull, the 5 year EV is 25-50x, and you're going to wait to time an entry that's 20% more attractive?
— Ryan Selkis (@twobitidiot) March 21, 2019

As the market’s price action continues to unfold, traders and investors should keep in mind the massive potential Bitcoin and the entire markets have to surge significantly higher in the next few years.
Featured image from Shutterstock.
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Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin’s creator, Satoshi Nakamoto, and thank him for the world’s largest cryptocurrency. A leading voice in the crypto ecosystem, Novogratz appeared in an exclusive video with the founder of Morgan Creek Digital, Anthony Pompliano.
Novogratz is of the opinion that all kinds of funds, be it crypto or hedge, should own some amount of Bitcoin. He also called the digital asset “sovereign money”. Talking about BTC’s fundamental technology, the blockchain, he added that Bitcoin, originally a social experiment, had become “sovereign money” and held a market cap of $71.80 billion.
Novogratz also drew parallels with gold, a store of value. Novogratz claimed,
“Bitcoin provides a really interesting alternative to gold.”
He was previously in the news when he claimed Bitcoin will eventually become the digital gold, at the MENA summit 2019.
Bitcoin’s prices rose to breach the $4,000 mark recently, following the recent market surge led by the market’s altcoins. There is architecture in place to facilitate adoption and accessibility, the billionaire said, predicting that over a period of twenty years, Bitcoin was going to be “in the game.”
Novogratz also serves as a member of the Investment Advisory Committee on Financial Markets, at the Federal Reserve Bank of New York. While talking about his first tryst with Bitcoin as a member of the committee, Novogratz said that the committee viewed cryptocurrency more as a payment system than a currency. However, many in the Federal Reserve did love the idea of blockchain technology as a store of value, he said.
The post Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him appeared first on AMBCrypto.
Source: AMB Crypto

Hold Bitcoin (BTC), Billionaire Recommends Even as Coin Demand Wane

Bitcoin prices likely to crumble
Chinese billionaire recommends hodling
Transaction volumes low averaging 6k.

Although Bitcoin is on an uptrend, it may correct in days ahead as sellers of Feb 24 flow back pouring cold water on bulls’ effort. All the same and according to Zhao, a Chinese billionaire, Bitcoin holders should hold as much as possible when nobody cares.
Bitcoin Price Analysis
Fundamentals
According to the US SEC, Bitcoin and Ethereum are the two most decentralized platforms. Indeed, as a pioneer and a growing network powered by a global community, Bitcoin represents freedom and a gradual disassociation from power. However, as dopamine-triggering as it is to own and transact with Bitcoin, we must not bury our heads in the sand.
Trading BTC is illegal in China, but the country is by a wider margin, home to more than 80 percent of all Bitcoin mining. Because of this, the “White House, in particular, seems to be thinking about what it means to have 80 percent of Bitcoin mining taking place in China and a majority of Ether mining taking place in China”, said Cory Johnson, the former Chief Marketing Strategist at Ripple in an interview. All in all, it will be counter-productive to orchestrate a 51 percent on the network despite claims that two Chinese pools have the firepower to attack the system even though it is highly unlikely.
While not allowing room for uncertainty, a Chinese billionaire Zhao Dong is calling for patience because if people” don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of Bitcoins will break them will be noticed again” adding that believers of BTC should “hold as much as possible when nobody cares.”
Candlestick Arrangement

For coin holders, it may be an excellent time to ramp up. However, for traders, candlestick arrangement points to weakness, and that means every high should be a liquidation level in days ahead. It is easy to see why.
A level deeper in the 4HR chart and demand is waning as prices flat out. It is likely that buyers will correct the over-extension of Mar 16. As a result, BTC could temporary slide back to $4,000, gifting aggressive traders an opportunity to ramp up with first targets at $4,500.
If not and prices rally above$4,200 or the 23.6 percent Fibonacci level of Dec 2018 high low, then it is likely that Bitcoin (BTC) could close above $4,500 by end month.
Technical Indicators
Feb 24—36k versus 19k average– is our anchor bar. In an effort versus result point of view, weak volumes are driving recent bulls and would likely crumble unless there is an injection of high transaction volumes above driving prices above $4,200 as aforementioned.
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Vitalik Buterin: If the Price is Zero, Then the Network Can’t Be Secure

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Vitalik Buterin: If the Price is Zero, Then the Network Can’t Be Secure
In his recent interview, Vitalik Buterin explained why Ethreum price is important for the crypto industry and answered to many other questions.
Vitalik Buterin: If the Price is Zero, Then the Network Can’t Be Secure

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Source: CoinSpeaker

Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities

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Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities
Facebook and Square rank among the notable institutional investors making significant investments in the blockchain and cryptocurrency industries. They aim to benefit from the potential mass adoptions.
Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities

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Source: CoinSpeaker

Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning

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Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning
Lightning Labs has announced alpha release of Lightning Loop aimed to imrove the efficiency, scalability, and usability of Lightning.
Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning

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Source: CoinSpeaker

As Bitcoin (BTC) Nears Historic Bounce Levels, Could the Crypto Winter Be Coming to an End?

Bitcoin has now firmly established its position in the low-$4,000 region, which was previously a strong resistance level for the crypto. Although this current stability is certainly positive for investors, BTC has, on multiple occasions, spiraled downwards after long bouts of involatile trading.
One analyst is now pointing out that Bitcoin is approaching a historic bounce level, which could mean further gains in the near-future are imminent.
Bitcoin (BTC) Trades Sideways Above $4,000
At the time of writing Bitcoin is trading up nominally at its current price of $4,070 and is up slightly from its daily lows of $4,030. Ever since BTC pushed above $4,000 last Friday, the cryptocurrency’s upwards momentum has stalled, leading it to trade in an incredibly tight trading range around its current price levels.
In late-February, Bitcoin swiftly pushed up to $4,200 before incurring significant selling pressure that brought its price back down to $3,800, which validated $4,200 as a strong level of resistance.
Josh Rager, a popular cryptocurrency trader on Twitter, discussed the strength of the $4,200 resistance level in a recent tweet, explaining that he does not believe BTC will be able to break above it any time soon, which means to drop to $3,500 could be inevitable.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Bitcoin Hits a Historic Bounce Level, Could a Crypto Market Surge be Imminent?
Although Bitcoin may now be pressing up against strong resistance levels, its volume is also resting at a historic bounce level, which likely means that increased volatility is right around the corner.
Crypto Thies, a popular analyst on Twitter, discussed this, noting that he expects the crypto to continue upwards, as this bounce level is typically followed by a decent price swing. Despite this, he also notes that the one factor that is going against BTC’s bulls is the lack of any sell climax so far.
“$BTC Volume MA (on bottom) is at historic bounce levels on the 1W. Volatility incoming. Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case. 1 bear thought I have, is a lack of sell climax thus far,” he explained.

$BTCVolume MA (on bottom) is @ historic bounce levels on the 1W. Volatility incoming.
Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case.
1 bear thought I have, is a lack of sell climax thus far pic.twitter.com/hmpWojyRiN
— Crypto Thies (@KingThies) March 19, 2019

Assuming that Bitcoin is able to build a greater level of buying pressure at its current prices, than there is a high likelihood that a move upwards will occur in the near future.
As the crypto markets enter the weekend, it is likely that they will see increased levels of volatility that stems from the lower-than-average trading volume.
Featured image from Shutterstock.
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Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

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Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices
Two CoinMarketCap’s crypto benchmark indices have been launched on its platform as well as on the leading financial data feeds.
Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

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Source: CoinSpeaker

Bitcoin’s hash rate records 4-month high as confidence in BTC mining grows

Bitcoin’s [BTC] growth received a major boost, after its hash rate recorded its highest level in 4 months, on 19 March.
According to data released by Blockchain.com, Bitcoin’s hash rate data surged to 52 quintillion hashes per second. The hash rate last reached similar levels in November, when the hash rate crossed the 54 quintillion mark. The highest hash rate ever recorded was around 62 quintillion hashes per second, in August 2018.
Bitcoin Hash Rate graph | Source: Blockchain
Bitcoin mining is an important aspect of the token’s crypto ecosystem, and Bitcoin’s hash rate is the computation of Bitcoin miners’ performances. The hash rate measures the performance and efficiency of miners who secure the crypto network. Higher the hash rate, more the number of resources required to successfully mine Bitcoin.
Hash rate is a crucial indication of the mining community’s sentiment. Rising hash rate implies that there is a build up of confidence in the miner’s minds, indicating a more secured Bitcoin network.
Rising hash rate also indicates that more and more miners are joining the network. The present rise in Bitcoin’s hash rate suggests a completely different story than the one last year, when a lot of miners quit the coin’s mining network.
During last year’s bearish run, the hash rate suffered incredibly, leading to many miners shutting down their mining rigs. The miners who quit the network were found selling their mining equipment at throwaway prices, following the falling profits of the mining industry.
Matt Odell, a Bitcoin entrepreneur had this to say,
“That’s the beauty of the difficulty adjustment. Every miner that is turned off increases the profitability of remaining miners.”
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Source: AMB Crypto

Bitcoin’s [BTC] valuation will reach $250,000 by 2023, claims Tim Draper

The speculation over Bitcoin’s [BTC] future is a hotbed for debate among crypto-analysts and enthusiasts around the globe. At press time, Bitcoin was valued at $4,048, suggesting that the cryptocurrency market was going through a period of consolidation.
According to Tim Draper, a prominent venture capitalist and Bitcoin enthusiast, Bitcoin’s price could breach the $250,000-mark by 2023.
If the predicted price valuation was to come true, the collective market cap of the coin market could reach an estimated $5 trillion, which is roughly 5% of the global economy.
In a recent interview with Forklog, Tim Draper explained that the next bull run would be less impressive than the one witnessed in December 2017, but would have more stability and long-term credentials. Tim Draper considered fundamental factors like additional address growth and the development of the Lightning Network to make a price projection for the coin.
He also added that in a few years, cryptocurrencies would enter mass adoption and would become part of people’s global economy.
Draper also dismissed reports that banks and financial institutions were trying to stifle Bitcoin prices, and expressed confidence in Bitcoin making it to an important place in the general market.
Tim Draper was recently in the news when he predicted that in a few years, people would no longer prefer government-issued traditional money. Decentralized and non-government controlled currency would soon gain mass popularity, which would lead the younger generation to trust Bitcoin and other forms of cryptocurrencies over traditional fiat money, he added.
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Source: AMB Crypto