Bitcoin Price News: Tim Draper’s $250,000 BTC/USD by 2023 with 2019 Sideways Trading, Shorting and Bottom Calls
What's up Bitcoin Exchange Guide family, here is today's bitcoin price analysis recap regarding many of the top stories and headlines from the crypto community and social channels.
We have already talked about ‘Bitcoin Spreading Like a Virus‘ research report on BTC being $1,000,000 Million USD in the coming years as well as ‘BTC Price's Historical Block Reward Halving Performance‘ (before the May 2020 halving) today; but now is time for the daily recap on all the reputable figureheads and crypto community contributors input. There will be four fascinating stories all summarized around the theme of current bitcoin value outlooks.
Tim Draper's Bitcoin (BTC) Price Prediction of $250,000 by 2023 is Based on These Top Driving Forces
Bitcoin (BTC), the largest cryptocurrency in the market, has been in a bear trend since the beginning of 2018 from which it cannot go out. 2018 was a very bad year for Bitcoin and the cryptocurrency market as a whole. Nonetheless, Bitcoin and digital currencies remain very bullish for the future. There are many experts that think that Bitcoin could reach new highs in the coming years.
One of these individuals is Tim Draper, the recognize investor and Bitcoin supporter, he said that Bitcoin will be reaching $250,000 as soon as in 2023.
Tim Draper is the Ultimate Bulls' Bull on Bitcoin
The venture capitalist shows that the digital asset could start a bull run in the coming years. That means that if Bitcoin ends up being traded around $250,000, the whole market capitalization of this asset would reach $5 trillion, close to the market capitalization of gold, close to $7 trillion.
During a conversation with Forklog, Draper explained that it might be possible to see a less impressive bull run in the future compared to the ones experienced in the past. Back in December 2017, Bitcoin reached $20,000 after starting the year close to $1,000.
According to Tim Draper, there are several fundamental factors behind his prediction. For example, the number of address growth, the development of the Lightning Network (LN) and the number of transactions being processed by the Bitcoin network. Additionally, he said that in the next years, cryptocurrencies will reach mass adoption and Bitcoin will become part of the global economy.
Draper has also marked how important is for Bitcoin to work without government interference and without third-party involvement.
Back in January, Draper wrote:
“Bitcoin is a currency that is accepted everywhere without any government friction or interference, a store value solution that doesn’t require a holder to keep a room full of metals and art, and a frictionless currency that can move automatically based on a contact without the usual drag that comes from regulations and accounting rules.”
Draper has also talked about anonymity in virtual currencies. He mentioned that anonymity in the crypto world will eventually become more transparent. In this case, transparency and globalism are going to thrive, according to the venture capitalist.
He explained that privacy coins such as Monero (XMR) or Bitcoin Private (BTCP) will eventually be going to be transparent since they are hard to keep secret.
At the time of writing this article, Bitcoin is being traded around $4,087 and it has a market capitalization of $71.94 billion.
MagicPoopCannon Analysis: Bitcoin Stuck Near $4,000 but Where are we Going Next?
Bitcoin has been slowly making its way upwards in the past seven days but the movement has been sluggish at its best and it is still stuck at $4k level. The leading cryptocurrency has been trading at $4,085 with 24-hours gains of nearly 1 percent, at the time of writing, as per the data provided by Coinmarketcap. The daily trading volume has also been rising as today it registers at over $10 billion.
So, where exactly the boring Bitcoin is going from here?
Crypto analyst and trader, Magic Poop Cannon, in his latest analysis shares we are looking or a dip that would test the December low only to trade sideways.
Pointing out the fact that Bitcoin has been on a “steady march higher” for the last few weeks, he says currently we are approaching the weekly 200 EMA (orange curve line). Last time in December, when BTC ran into this overhead resistance, it failed to surpass it.
Now, we are yet again testing this level which is to be seen if will continue to provide resistance, according to Magic, this will continue to be resistive which means Bitcoin will remain boring as it trades sideways for an extended period of time below the weekly 200 EMA.
But just below this level is 200 MA that held during the December low. It is a high probability, which Magic says, “makes sense,” that we will return to the weekly 200 MA.
“Since we are just starting to cool off in this year long bear market, it is more likely that we will fall to retest support, before we breakout above powerful resistance, which is the weekly 200 EMA.”
Though he is expecting Bitcoin to drop lower, a “severely deeper low” is unlikely to be put in. Talking about the RSI, the last bear market formed in oversold territory on September 29th of 2014 and another on January 12th of 2015.
Now, back in December, we saw BTC moving into oversold territory and he is expecting another spike down eventually. “However, that doesn't necessarily mean that Bitcoin will put in a severely deeper low.”
The test of the current low can be expected sometime in October, this year, which matches “perfectly” with the bottom of rising price arch. So, he sees Bitcoin trading sidewards for the best part of the year.
“I think there is a good chance the December low could be revisited in October. That is also why I believe that we will see the market chop sideways between 3000 and 4500 for the majority of the year.”
In the near term, he is expecting the price to take a dip after being rejected by the weekly 200 EMA. And before we enter the next bull market, that according to him might start in late 2019 or early 2020, we would touch the rising price arch in blue.
Next we have a tail of two sides: Is the BTC Bottom In or Will Bitcoin Drop More?
First we will start out giving the bears a chance to dance in the rain before a bullish outcome.
Bitcoin NVT Signal Shows Potential BTC/USD Shorting Opportunity Coming Up, $1,000 Price in Play?
Bitcoin crawled its way to $4k and is now resting here but according to analysts, we might be seeing a drop soon. According to the NVT signal, a Bitcoin USD shorting opportunity might come to our way as Will Woo, a crypto analyst that introduced NVT Ratio last year, took to Twitter to share.
NVT Signal setting up for another BTCUSD shorting opportunity. Wait for the trend line break for confirmation. pic.twitter.com/NOEPg56mPh
— Willy Woo (@woonomic) March 21, 2019
Based on network fundamentals that is the value flowing through the blockchain, this might be the first trading indicator that instead of using basic price and volume data coming from exchanges, uses blockchain data.
As per this indicator, any level above 150 means BTC is in the “overbought” zone that says market top and levels below 45 tends to be “oversold.”
Currently, the leading cryptocurrency is sitting at $4,087 with 24-hours gains of nearly 1 percent, as per Coinmarketcap while managing the daily trading volume of $9.9 billion. For a long time now, Bitcoin has stuck around this range and is not able to see the $4.2k level.
It’s not only the bear market that is the largest one ever but the price is also taking longer to make any moves. As crypto analyst and trader, Credible Crypto says, the breakdown to $6k took much longer and now Bitcoin is yet again struggling to get to the $4.3k and $4.5k level.
The 6k breakdown took much longer to occur than many expected it would. I think it is very possible our move to 4.3-4.5k may take longer than many are expecting. This is speculative due to limited data, but this "ascending triangle" pattern can already be seen on various alts. pic.twitter.com/FL3f15vFCo
— Credible Crypto (@CredibleCrypto) March 21, 2019
This can be taken as a sign that in the coming weeks we could see a downward shift in the price. But if Bitcoin manages to hold the 200 weekly support, things would take a turn for the good as many analysts are putting their bulls on this support level.
Though, crypto trader, Ledger Status says, these upcoming tough times would see people calling out for $1k, currently it’s all dependent on the 200 weekly support now.
There will be tough weeks ahead for sure. When they happen, many will call for $1k, etc. As long as the 200 week holds, then I am bullish on spot. pic.twitter.com/taAjl4fWZD
— Strip Mall Status (@ledgerstatus) March 20, 2019
After dropping from $4,182 to $3,800, Bitcoin has been making its way very slowly to upwards. But it is still to be seen if we are moving to another high of 2019 or just getting ready to take a hit to the previous low.
Bitcoin Already Hit Its Bottom and $3,000 the Best Time to Have Bought Bitcoin
Yes- bitcoin has already hit its bottom. That's the verdict of Founder and CEO of BKCM LLC Brian Kelly. The digital currency investment firm CEO states that the bottom of bitcoin has already passed after trading between $3,000 and $4,000.
Perhaps, Brian had reasons for his verdict and the announcement earlier made by a major US exchange, CBOE was one of the reasons behind it.
Time To Say Goodbye?
Dating back to December 2017, the US exchange CBOE became the first institution to list bitcoin futures which were good news all over the crypto space.
Then What Has Changed Now?
Interestingly, CBOE announced the halt of bitcoin futures once the current contract comes to an end in June 2019. For them, the time is right to say goodbye, at least for now. However, there's speculation that the 75% devaluation of bitcoin price might have been behind the discontinuation. They didn't either rule out possibilities of adding other crypto derivatives.
Nevertheless, CBOE's announcement for Kelly seems to indicate that retail traders are no longer in the picture as the CBOE futures would run the contracts for $3900 which for him implies exhaustion of retails. Furthermore, he believes sellers are as well exhausted.
What's The Argument?
Bitcoin might have hit its low and more institutions are now coming in. For instance, Fidelity may be acting as a catalyst. Besides, the need for bitcoin futures was less as there're several bitcoin avenues open to the financial institutions.
Cryptocurrency custody has made tremendous improvements which imply that institutions now can buy physical bitcoins. Generally, following the increased robustness of trade, the need for the future contracts was low, and now bitcoin may be on its way up, CBOE's announcement might have been perfectly timed probably for many.
Live Bitcoin (BTC) Price:
1 BTC/USD =$47,961.3427 change ~ 0.65%
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