While the majority of us thought that we would be eating Christmas Eve dinner during the depression of bearish sentiment in the crypto markets, it happened: the cryptocurrency returned to form and broke the important level of USD 7,500 on the chart.
Bitcoin’s price started moving yesterday evening. Today it is already at the level of USD 7,555 (at the time of writing), which gives us a jump of up to about 5 percent on the last 24-hours. This quickly led to an improvement in market sentiment (which also shows how easily BTC investors can change in their market view).
Green zone held for support here, which is the range low.
Currently at potential local resistance. Wouldn’t be surprised with continuation of ranging for the coming days, before we make another push to $7,800-8,000 resistances later next week.
All in all, good. pic.twitter.com/vyumXpruOh
— Crypto Michaël (@CryptoMichNL) December 22, 2019
The increase in activity can also be seen in the space of futures contracts on the Bakkt platform:
ICYMI: this week’s summary of Bakkt Bitcoin Monthly Futures:
— Bakkt Volume Bot (@BakktBot) December 22, 2019
Will Bitcoin Price Hit 250,000 USD?
It is worth noting that the price jump preceded the interview BlockTV gave the crypto market bull – Tim Draper. The famous venture capitalist investor has stated that Bitcoin will eventually reach $250,000. Until recently, he thought it was real in 2022. Now he changed his mind and went so far as to make even bolder claims. In his opinion, for 1 BTC we will pay a quarter-million of dollars after a year from now.
“If you run a technical analysis, it looks like it’ll be something like six months to a year after the halving that we will cross $250,000 per bitcoin.” Draper said.
He believes that the growth will be mainly caused by the halving, i.e. the halving of the reward for mining a new block in the BTC network. This will mean that even fewer Bitcoins will hit the market than it is the case today. If the demand for cryptocurrency continues, according to the law of demand and supply, this will lead to a jump in the exchange price. At least that’s how it usually worked …