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Bitcoin is still trading at a fairly calm state as the cryptocurrency’s value wobbles between $6,000 and $6,800. Although this is quite unusual for Bitcoin, it isn’t the first for the cryptocurrency to behave in such a way either.
As of this writing, Bitcoin is changing hands at $6,351 and is down by 0.39 percent as can be seen in CoinMarketCap. Meanwhile, the Relative Strength Index is just above 50 at the moment indicating that traders should sell or wait.
The much-awaited boom of Bitcoin this year has yet to make an appearance as the cryptocurrency is struggling to reach the $7,000 price mark. Last year, Bitcoin’s value rose to $19,000 and investors are hoping that it will mimic its performance by next month.
However, it seems that the bearish trend will continue until next year if technical analyst and trader Willy Woo has anything to say about it. Woo predicts that the bears would impose heavy pressure on Bitcoin for seven more months before its value starts increasing, CCN reported.
Venture capital investor Tim Draper, on the other hand, still maintains his bullish speculation that Bitcoin will reach $250,000 in value by 2022. The vocal bullish investor declared this prediction once again during the Web Summit Conference while questioning fiat currencies.
Although Draper’s prediction is obviously far-fetch, there are factors out there that can support his claim. One of which is the approval of a Bitcoin ETF that would herald new investors to the Bitcoin ecosystem. The decision to greenlight this ETF heavily relies on the Securities and Exchange Commission (SEC), with the agency still rejecting any proposals in this regard.
But according to VanEck – one of the firms applying for an ETF – they’re “very close” to persuading the agency in approving their ETF. The firm argues that their ETF sets them apart from other such proposals since it’s fully protected, meaning any losses attained through theft and hacking will be protected by insurance.
