Crypto bull Tim Draper and popular venture capitalist, disclosed that it will not take much for the bitcoin price to reach a target of $250,000. In today’s altcoin news we are looking further in his prediction and what it is based on.
When he was speaking to Yahoo Finance, the crypto bull Tim Draper stated that the bitcoin price could reach $250,000 by 2022 but that also the targeted price could be reached in the first quarter of 2023:
”$250,000 by 2022, and I’m hedging a little… maybe Q1 2023. But I have the feeling… maybe Q1 2023, I’m going to go as far as that. But it will be $250,000 before that.’’
Regarding the recent price movements of Bitcoin and market dominance, Draper pointed out that he was surprised Bitcoin consolidated more than he thought he would. According to him, he expected that the Bitcoin dominance will fall even further and some of the other cryptocurrencies will take up the larger share. Draper said that dominance could be a consequence of the fact that Bitcoin is decentralized while many of the other cryptocurrencies in the space are not. Currently, the BTC dominance is at 69.4 percent which is an increase of more than 20 percent since April.
The venture capitalist also pointed out the dilemma that exists between only holding Bitcoin now when it is viewed as a safe haven asset or just using it for day-to-day transactions due to the opportunity costs. After revealing that he is the client of the newly opened New York boxing Gym that he invested in using Bitcoin, Draper said that he was a little ‘’reticent’’ do to it. This is mainly because of the potential of the bitcoin price to increase dramatically in the future and also because it starts becoming more widely accepted as a safe haven asset.
As noted in the latest cryptocurrency news, the Bitcoin bull first projected that the number one cryptocurrency will hit $250,000 last year after it hit a record high months in the past. There are some other crypto bulls that are making similar predictions mainly because of the same reasons Draper laid out. Back a couple of years ago, the venture capitalist projected that Bitcoin will reach $10,000 by the end of 2017 and at the time he made the prediction, Bitcoin was only trading at $500.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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