The Currency Analytics
By Dan Saada
Bitcoin has been filled with a lot of problems, yet it has climbed up by 20% over the past 30 days.
Tim Draper projects a lofty bitcoin price when he remarked, “I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”
Tim Draper spoke about the best features of Bitcoin being transparency and decentralization. He further added that it was simply a better currency than fiat.
Draper is envisioning a future where cryptocurrency will be disrupting the venture capital business model.
“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin.
He felt that considering every transaction will be recorded in the distributed ledger technology everything will be visible to all the participants.
While the market is unpredictable, several analysts are keeping an open mind about cryptocurrencies.
A contrary prediction is that the price of Bitcoin might come down due to a pullback. The coin is not too far away from achieving the $6,400 target, but the potential of…
Anytime the RSI indicator, indicates an overbought situation, history has shown extreme pullbacks. This occurred when Bitcoin touched upon its historical highs.
A sharp pull back in the price will not accurately bring the Bitcoin out of its bullish bias. This is due to the strong fundamentals in the market.