Will Tone Be Correct & Are Wild Price Predictions Irresponsible?
Price predictions for Bitcoin have been a thing for years. Every couple of days a known Bitcoin influencer makes a prediction regarding Bitcoin's price in the future. The most notorious price prediction probably goes to John McAfee. The famous computer programmer and creator of McAfee antivirus predicted Bitcoin at $1 million at the end of 2020 and "will eat his d*ck" if wrong.
Earlier today, well known Bitcoin influencer Tone Vays took to Block TV and explained his price prediction. Vays had a much more conservative approach to Bitcoin's price stating that he anticipates that Bitcoin will reach $50,000 by 2023. Vays later said that his prediction was more responsible that that of American Investor Tim Draper and other more liberal price predictions.
While Vays' prediction sounds more credible than others at this point & time, lets give the charts a peek.
Bitcoin Weekly Review
Bitcoin seemingly has great potential as we are reaching its halving soon. There have been a multitude of analysts claiming it is going to reach 70k - 98k price zone in the next few consecutive years.
Development of MACD indicator shows us it has shorter and shorter periods of time before turning Green within every bullish run. The last one is also just absolutely the same.
If you will carefully analyze ADX indicator so you will see it is showing amazing bullish conditions for BTC market.
All support and resistance levels are very strong as they are produced from 1D chart
A special thanks to Senin for his technical analysis.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado