Tim Draper, billionaire Venture Capitalist predicted that the price of the famous "cryptocurrency gold", Bitcoin (Bitcoin guide), will go up to $ 250,000 by 2022 and the market capitalization will be over $ 1 trillion dollars.
Bitcoin price is about to "burst"
There are many cryptocurrency experts who believe that the Bitcoin quote will reach $ 1 million by the end of 2020.
Of all analysts, Tim Draper, a major venture capitalist, recently predicted that the price of Bitcoin will reach $ 250,000 by 2022.
A figure that far exceeds its current listing of $ 10,219 at the time of writing.
Draper believes that his prediction could underestimate the power of Bitcoin.
Considering the current number of Bitcoins in circulation, this would bring the Bitcoin market capitalization to just under $ 1 trillion.
Another Bitcoin advocate, the founder of BTCC, Bobby Lee, is confident that the BTC price will reach $ 200,000 "in a short span of time".
Furthermore, analysts and industry experts believe that the price of Bitcoin is ready for a real epoch-making turnaround.
Bitcoin quote: bullish trend forecast
In a recent interview with Blocktv, Draper he again expressed his "bullish" position on the BTC trend.
"$ 250,000 means that Bitcoin would therefore have a market share of around 5% in the currency world. "
The global mass adoption of cryptocurrency gold should push Bitcoin prices higher.
People continue to use the money fiat compared to Bitcoin, Draper himself notes. They do this because fiat currencies are a simple option to pay for goods and services and to conclude transactions at physical stores and E-stores.
In fact, the lack of ease of use of Bitcoin is today's challenge to the mass adoption of cryptocurrency.
"Engineers have not made Bitcoin so easy to use. "
Legal currencies usually depreciate due to a natural inflation rate and to the decision-making policy of banks and governments.
Bitcoin Price: Technical analysis
Bitcoin remained in a negative zone below the simple moving average and the resistance level of $ 10,400.
Currently, there is a bearish reaction below the fundamental support levels of $ 10,300 and $ 10,250.
Recovery efforts have been limited by the $ 10,350 level: the BTC / USD exchange rate is currently slipping by about1.02% trading below the level of Fib retracement of 23.6%.
For now, the Bitcoin price could revisit the $ 10,000 support as the cryptocurrency is trading in a bearish zone below the $ 10.300 and $ 10.400 levels.