Bitcoin Reaching $250,000 in 2023 & Why Cryptocurrency is Better than Credit Cards

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Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
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Venture capitalist Tim Draper revealed why the price of the main digital asset might grow by 2500% by 2023. However, analysts Ayash Jindal and Yuval Gov believe that in the nearest future it may fall to $8800.

Bitcoin will rise to $250,000 by the end of 2022 or the beginning of 2023, venture capitalist Tim Draper said in an interview with CNBC. According to him, this will happen as a result of mass acceptance of the coin by society.

At the moment, using Bitcoin in everyday life is difficult, says Draper. But in the future, when the first cryptocurrency becomes sufficiently scalable, society will have a choice between credit cards with a high Commission and an “open, transparent” alternative, the entrepreneur said.

The short-term forecast for the value of Bitcoin was announced by NewsBTC portal analyst Ayash Jindal. He noted that the first cryptocurrency is trading above the support level of $9500. If it fails, the price of the coin will fall to $9200, and then, perhaps, to $9050, the expert predicted.

He added that the level of $9740, expressed by the 100-hour moving average, will prevent Bitcoin from rising in price. The next resistance is located at $9880. if it is overcome, the price of the cryptocurrency will return to an upward movement, Jindal suggested.

A similar scenario is followed by Cryptopotato portal analyst Yuval Gov. In his opinion, the price of Bitcoin for long-term growth needs to overcome the downtrend line, passing in the $9800-9900 zone. Otherwise, the coin may fall in price to the support level of $8800, expressed by the 200-day moving average.

The analyst connected other obstacles to the fall in the value of Bitcoin:

  • the horizontal support line at $9000;
  • the level of $9200 expressed by the 50-day moving average;
  • the mark of $9300, corresponding to the weekly minimum of the Bitcoin price.

Gov stressed that the last two days, the volume of Bitcoin trading has not changed much. This suggests that the price of the first cryptocurrency is currently in the correction phase, and a return to the global downward trend is unlikely, the analyst is sure.

February 25th, the founder of the Tron Foundation, Justin Sun, predicted a rise in the price of Bitcoin to $100,000 by 2025. Altcoins Tron, Ethereum and XRP will also enter the long-term growth phase, the entrepreneur said.

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