Bitcoin Is Pulling Back, But $100k Tidal Wave Is Still In The Cards
The crypto market seems to be under a correction these days, following the surge in prices from last week.
Bitcoin fell below the important psychological level of $10k, and the coin is trading in the red today.
At the moment of writing this article, BTC is priced at $9,784.65.
But, despite the massive volatility in the crypto market, there are various optimistic crypto predictions these days.
Crypto Rand trader and analyst is mentioned by the Daily Hodl and said that he’s feeling really bullish.
Price movements under $20,000 have only been a distraction to shake you out before $100,000 #Bitcoin
— Crypto Rand (@crypto_rand) February 14, 2020
BTC is gearing up for a rise to $100k
He told his followers on Twitter that BTC’s movement below $20k is a mere sideshow as BTC gears up for a rise to $100k.
The online publication the Daily Hodl notes that Former Coinbase chief technology officer Balaji S. Srinivasan is also agreeing to Bitcoin’s rise to $100K.
On Friday, Srinivasan compared the rising price of BTC to the emergence of Covid-2019, aka the coronavirus. Srinivasan says the stochastic method applies to both BTC and the virus.
He said that, BTC is far more likely to reach $100,000 after the coin was able to surpass $10,000.
Bitcoin and the coronavirus
He explained that the same is true for Covid-2019:
“In 2009, it was unlikely that BTC would cross $100k. But conditional on BTC having *already crossed* $10k, it was more likely to cross $100k. On Dec 1, 2019, it was unlikely the virus would cross 100k cases. But having *accelerated* past 10k, it was more likely to cross 100k…” he said.
He continued and explained that “Despite very different underlying dynamics, the general concept of ‘conditional on this improbable event having already happened, we need to update our probability of the future’ is applicable.”
In other news, it’s been revealed during the weekend that BTC, ETH, and XRP are flashing buy signals.
There are real-time indicators on social trading platform TradingView that shifted into a bullish territory for these coins.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.