Bitcoin Is Still In A Bull Market And Will Reach $200,000 – $300,000
Those are the incredibly optimistic predictions of one individual trader.
Twitter user, The Moon, is making a very bold claim on the future of Bitcoin. A price prediction of $200,000-$300,000 may as well be the result of hopium. Nonetheless, this is Bitcoin. It operates in a unique trading space where the unlikely is sometimes the result.
If #Bitcoin breaks down below $7,700 then we are officially back in a bear market.
I don’t think that is likely at all.
We are in the #BTC bull market with $200,000-$300,000 as a likely target.
— The Moon (@themooncarl) October 1, 2019
Conversely, breaking $7,700 seems like a possibility considering the downward trend experienced in the markets lately. Bitcoin currently sits just under $8,300. A $600 loss can be realized within hours of trading in the cryptocurrency market. Anything is possible with Bitcoin.
The past week saw Bitcoin lose $2,000 in value in less than 24hrs. There was a slight price correction before it stabilized at $8,400.
Given the history of Bitcoin, breaking $7,700 seems like the most reasonable answer. Some market uncertainties are likely to play a part in this.
However, breaking $7,700 may not necessarily lead to a bearish market. The dump recently experienced is like that of 2018. Breaking $7,700 may be the long-awaited low before Bitcoin soars.
Hopium On Extreme Levels?
Jesus wept, if we get to 20k by EOY 2020 we'll be lucky, from bear to 200-300k hoping
— MEO 🔊 (@meotastic) October 1, 2019
@meostatic gives a very sobering reply to The Moon. $20,000 by the end of 2020 seems realistic, well-thought-out and possible. It looks like the right prediction.
First, let's get 20k before you talk about 200k …
— Nordin (@Nordincho) October 1, 2019
There is still the possibility that we may get to $20,000 on our way to $200,000+.
I agree 100% I've gone all in on BITCOIN my man 😉
— 8timmy8 (@8timmy82) October 1, 2019
Some agree with the $200,000 prediction, and because this is Bitcoin, there is always the chance that traders may wake one day to a $200,000 Bitcoin.
With the looming financial crisis and unpredictable markets, Bitcoin may rise as the haven, or it may fall together with other centralized assets.
Featured Image Source: WallpaperAccess
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com