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📈 Price Predictions
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BTC/USD Price Prediction — ETF Is Refused: Where Will the Price Move Next?

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BTC/USD Price Prediction — ETF Is Refused: Where Will the Price Move Next?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Fortunately, the ETF refusal did not influence the rate of Bitcoin; moreover, its quotes have increased by more than 2% over the last 24 hours.

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Since the beginning of May, the Bitcoin rate has risen by about 40%. However, its current value is still far from the record mark that the cryptocurrency reached in December 2017.

In terms of important fundamental factors, on May 20, 2020, the next Bitcoin halving (BTC) will occur, reducing the remuneration of miners by half. This process can have a significant impact on the price of the cryptocurrency.

Bitcoin price by the 210,000 block cycle by Bitcoin Charts

This will be the third halving on the Bitcoin blockchain: the first one took place in 2012, reducing the reward for each mined block from 50 to 25 BTC, while the second decreased the award to 12.5 BTC.

Number of installed Blockchain wallets by Blockchain.com

What is more, the number of blockchain wallets has increased by almost 35% (to 38 million units) since May 2018, despite the prolonged drop in the market. If the current dynamics continue, their number will approach the critical level of 50 million units by the end of the year, which will allow Bitcoin to rise in price to $10,000.

Regarding the technical part, the situation looks the following way.

BTC/USD chart by TradingView

Our BTC prediction made yesterday is coming true, as the quotes are looking upwards to the levels above $8,000. However, one should not wait for a quick bull run to $8,500, as there are no prerequisites for that. Neither MACD nor the RSI indicator show strength.

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Taking it into consideration, BTC can touch the $8,200 mark, which is supposed to be the highest peak of the current week. A confirmation for that is the decreasing BTC market share, which has recently fallen by more than 4%.

The price of BTC is trading at $7,897 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper

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    World-famous investor and Bitcoin bull Tim Draper explains what reasons will push Bitcoin price to $250,000 by 2023

Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

While speaking to the audience at the Malta AI & Blockchain Summit last week, the billionaire and prominent Bitcoin supporter Tim Draper confirmed his previous forecast for the BTC price hitting $250,000 in the near future.

This time he explained that this high price per one BTC will be achieved through the growing use of the Lightning Network and explained how it will happen from his point of view.

Bitcoin still to hit $250,000

The Bitcoin permabull Tim Draper again stated that the Bitcoin price is going to hit $250,000 by 2022-2023. He said this will happen due to the growing use of the Lightning network which allows conducting payments in BTC easily.

Being a major global investor, he nevertheless shares the opinion of many crypto enthusiasts that BTC is not only a store of value but it can also be used to pay for things in everyday life – micropayments, the retail sector, etc, i.e. is perfect for adoption.

Previously, Tim Draper stated that his forecast of BTC reaching $250,000 was actually a quite conservative prediction.

Will Bitcoin get to be worth $1 mln?

As reported earlier on Wednesday by U.Today, the crypto asset manager and a trader Marius Landman tweeted that before Bitcoin hits $1 mln, it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant.

He also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon, saying that this will leave uninformed investors and technical analysts at a loss.

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Smaller bullish BTC forecasts

Other traders and analysts seem to think more vaguely when they are looking at technical analysis graphs. They are bullish, nevertheless.

The @crypto_rand trader with over 216,000 followers on Twitter simply posts a chart, saying that Bitcoin ‘still looks bullish’.

Another analyst and trader PlanB has published a chart of the way the changes in the Bitcoin mining difficulty have impacted the BTC price. People in the comment thread agree that this data at the moment is bullish for the Bitcoin price.

At press-time, Bitcoin is sitting at $8,823.

BTC price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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