During a panel discussion at the Web Summit conference, venture capital investor Tim Draper said he maintains his forecast that Bitcoin's price will reach $ 250,000 by 2022. He announced his forecast for the first time in April this year: "Believe me, it will happen - they will think you are crazy, but believe it, it happens, it will be amazing! "- he said then.
Asked at a recent Web Summit conference, do you still think that the price of Bitcoin will experience a 40-fold increase in four years and reach $ 250,000, Draper said:
"Yes. We're talking [...] about a five percent market share to get $ 250,000. It seems like a drop in the sea and all we have to do is make Bitcoin be used to buy Starbucks coffee. And suddenly the world opens and then they say: "I have a choice ahead of me. Do I want to have a currency that I can take from home to country [...] or do I want one that keeps me in one country or one geographical area and can not use it anywhere else? "
Draper also questioned the need for currency currencies or "political currencies", stating: "why do we trust currencies that are determined by some strange, one or other political party?" According to Draper's opinion, banks spend money whenever they feel like it for any reason, and a global and open currency would take control of the money banks and pass it on to ordinary people.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market broke below the golden trend line and made a new local low at the level of $6,232 and then bounced towards the level of $6,350, just above the weekly pivot at the level of $6,323. The current range is between those two levels: $6,232 for support and $6,350 for the resistance. The market conditions are now oversold, so a corrective pull-back to the upside might develop any time now. The larget time frame trend remains bearish.
