In a Sudden Move, Bitcoin Price Drops to $10,080, But Long Term Parabolic Move Intact

  • Bitcoin chopping sideways, yet to make a decision
  • Massive buying opportunity coming in BTC: Brian Kelly
  • In the long term, the BTC price will go from $20,000 to $50,000, $100,000, and even $200,000 in a very short amount of time
  • $250,000 by 2022 conservative prediction: Tim Draper

Bitcoin price is still down 47 percent from its all-time high as it trades around $10,300 after a dull and boring week.

But today, in a sudden drop, bitcoin price went to $10,080, the lowest level on Bitstamp. Currently, BTC is trading at $10,171 down by 1.53 percent.

Bitcoin price takes a sudden drop, Source: TradingView

The trading volume, as per Messari, that has been very weak at just $350 million with prices not showing any signs as to where we are going next, rose to $430 million.

Next week, however, this may change as Bakkt finally launches its physically delivered daily and monthly bitcoin futures.

Whether the price moves downwards or upwards, volatility is expected to enter the market.

Sharp and Fast Move

In the long term, however, the parabolic cycle of Bitcoin is intact.

“We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000,” said Bobby Lee, founder of China’s first bitcoin exchange.

This short time, he said isn’t minutes or hours rather is months, if not a few years.

According to venture capitalist Tim Draper, $250,000 by 2022 is rather a conservative prediction as that would mean BTC will have about a “5% market share of the currency world and I think that may be understating the power of bitcoin.”

Another long term BTC price view is shared by Fundstrat’s Tom Lee, S&P 500 hitting new highs is what will act as a catalyst for BTC price.

“If markets make a new all-time high and we see central banks still supportive, it’s kind of good for liquidity, so there’s … liquidity going into bitcoin,” Lee said. “More importantly, if there’s an interest in acquiring some volatility, that’s where you’re going to see people buying bitcoin.”

S&P’s all-time is around 3,025 that it reached earlier this year which Lee said is going to get surpassed that “would be bullish for bitcoin.”

Moreover, “Bitcoin does best when the S&P’s up more than 15%,” Lee said Thursday.

“Bitcoin may be ambidextrous [in] that it works well in a risk-on world, but as you start to get nervous, then you treat it like digital gold.”

However, in about the next six months, Brian Kelly, founder and CEO of BKCM, sees an “opportunity to have a generational buy in bitcoin.”

This massive buying opportunity that we saw in $9,000s, will be back again because he said, “there is too much money coming into this market.”

Additionally, with major central bank working on their own digital currencies, this will be good for the cryptocurrency market.

“Eventually we believe that there will be these global units of account that bring together different reserve currencies and probably these global baskets will also include bitcoin,” Circle CEO, Jeremy Allaire said.

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