Binance CEO: Bitcoin will rise to $1,000,000
In recent weeks, bitcoin has traded slightly sideways between $8,900 and $9,300, but in the past few days it has been able to overcome significant resistance. In the past 24 hours, the price of bitcoin has risen 0.71% to $9,556.71. Bitcoin has risen from $9,300 yesterday to more than $9,600 today, sending a bullish signal. Some analysts say bitcoin could face a massive rebound, as it did in 2016, 10 weeks after it was halved.
If history repeats, the Bitcoin price could
now start a new rally, similar to the one in 2016, when Bitcoin exploded by
over 3,000 percent in 525 days after halving. The well-known trader Josh Rager
describes that a similar price increase could be imminent at the moment and
that Bitcoin has gone through an accumulation phase in the last few weeks. The
halving is 10 weeks behind, just like in 2016.
“Teddy” is also optimistic. According to
him, however, Bitcoin must overcome the strong resistance along the $9,700 mark
on the daily chart. If Bitcoin can establish this resistance as a new support,
the $10,000 mark will be within reach. However, he cautions his followers
against too much euphoria, as the current price movements may lead to a
correction for the time being.
There are also some technical indicators
that point to a renewed upward movement. “Big Chonis Trading” reports that
Bitcoin has breached the $9,500 level, breaking through the upper Bollinger
Band. This indicates a short term bullish trend, but this has yet to be
confirmed by the bulls.
The experienced analyst “CRYPTO₿IRB”
already predicted a massive upward movement for Bitcoin 3 days ago. In his
opinion, Bitcoin will reach a new all-time high in December of this year, which
is significantly higher than the all-time high of just under $20,000 and will
thus initiate a new wave of adaptation. Due to the rapidly rising share price,
more companies will recognize the potential of Bitcoin and integrate it into
their processes as a means of payment.
According to “Byzantine General”, the
current price movement is positive, but Bitcoin is still in a major sideways
trend. Only when Bitcoin can permanently break through the $10,500 mark will a
bull run follow, which will “leave behind all investors who have not yet
entered the market”, according to the analyst.
In an interview with Altcoin Daily, Binance
CEO Changpeng Zhao discussed the current price developments of Bitcoin. In his
opinion, BTC has the potential to rise to $1 million if adaptation continues to
increase. At the same time, he warned that Bitcoin may dominate the market for
some time, but that Bitcoin may be replaced by another cryptocurrency or
financial system at some point:
Nothing lasts forever… so things change… if
we look at 10, 15, 20 years later, I think it’s totally conceiveable that
something new will replace Bitcoin, and something better than Bitcoin.
On the Altcoin market, Ethereum recorded the largest increase of 4.61 % among the top 20 cryptocurrencies, rising to $272.48. XRP also shows a short-term upward trend of 1.93 % and is currently trading at a price of $ 0.20.
Author : Collin Brown