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Bitcoin investors and holders, Bakkt is almost here. Let’s discuss this and other pieces of Cryptocurrency News.
$250K Bitcoin Price Prediction Is Now 'Conservative,' Says Tim Draper
Bitcoin price to grow with adoption
In an interview with crypto news network Blocktv on Sept. 13, the famous American venture capital investor has once again expressed his bullish stance on Bitcoin, forecasting the soon-to-come mass global adoption that will push the price of Bitcoin higher. Draper stated in the interview:
“$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin.”
Bitcoin still too complex
According to Draper, people still prefer fiat money over Bitcoin so far because fiat money seems to be an easier option to pay for services. The VC billionaire argued that Bitcoin’s lack of ease of use is the main impediment to the mass adoption of cryptocurrency to date, claiming that “engineers have not made it that easy enough for everyone to use Bitcoin.”
However, in the longer term, people will have Bitcoin as the currency of choice because fiat currencies are subject to political influence due to its centralized nature and they will depreciate in value due to a natural inflation rate, Draper said.
He also reiterated his stance that Argentina will be a great market for Bitcoin as a number of local entrepreneurs tend to lose their fortune in local fiat currency due to currency manipulation and devaluation.
Still, even in countries such as the United States, people will generally want a currency that is trusted and decentralized over a currency controlled by entities like the Federal Reserve, which can be very political, Draper concluded.
Draper’s new claims follow his recent forecast that there might be a slight delay in Bitcoin’s path to a $250,000 price.
On Aug. 9, the investor predicted that the Bitcoin price will hit the threshold by Q1 2023. On Sept. 9, Draper joined the board of directors of EOS-based decentralized application firm MakeSense Labs.
BITCOIN Will the $6000 gap be filled before the Halving?
But let’s take this from the beginning. Each BTC cycle is divided into 5 phases:
* After each All Time High ( ATH ) and market top the price declines rapidly as it enters the Bear Market.
* After forming a bottom, the price starts to consolidate (1st Accumulation phase) as it accumulates buyers on what is a bargain price
* Then we witness the first rise (expansion) as more retail buyers join those who bought at the bottom.
* The price then accumulates again (2nd Accumulation phase) as it is preparing for the Halving.
* Finally the Halving paves the way to the final Strong Bull phase that leads to a new market top.
We are currently on the 2nd Accumulation phase as Bitcoin has been consolidating for nearly 3 months since June’s 13,700 High. This seems to be natural as it is in line with the historic “Pre-Halving” consolidation.
The question that remains is this: Will it fill the 0.17 Fibonacci retracement which is currently near $6000? It might but at the same time, the hyper strong support provided by the historic Parabolic Channel (indicated on the chart by the dashed curve) can issue a bounce before reaching that level. In essence, the longer Bitcoin consolidates above $9000 within its current Triangle, the fewer chances it has to approach $6000 eventually.
What does this mean for us long term investors/ traders? It means that with time such a pull back becomes more unlikely but if it happens it will be the last great bargain price before the new (3rd) Halving initiates the Strong Bull Run into the new market peak, as it will be extremely unlikely that we will ever see those low levels again.
But what do you think? Do you think $9000 will hold and take us sideways towards the Halving or we will get that $6000 bargain buy? Feel free to comment, like and sharing your own chart with me!
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Chris Paek made his Youtube Channel Bitboy Sesibong in early 2018,
because he believed that blockchain and Distributed Ledger Technology will bring innovation
and a positive future for finance and IT industries.
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