{"id":20231,"date":"2019-12-23T14:05:20","date_gmt":"2019-12-23T14:05:20","guid":{"rendered":"https:\/\/traders-paradise.com\/magazine\/?p=20231"},"modified":"2019-12-23T14:05:20","modified_gmt":"2019-12-23T14:05:20","slug":"bitcoin-price-may-rise-towards-8000-next-week","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/12\/bitcoin-price-may-rise-towards-8000-next-week\/","title":{"rendered":"The Bitcoin price may rise towards $8,000 next week?"},"content":{"rendered":"

\"The
\nBitcoin rose above $7.402 and market cap moved upward by +0.89% to $137.68 billion<\/span><\/h4>\n

The Bitcoin price may rise further since it has continued being above the level of $7,000. That is important not from psychological only. Over the weekend, it traded between the $7.100 and $7.200 and by now has grown to reach a bit over $7.402 according to the <\/span>Coindesk<\/span><\/a> and at the moment of writing,<\/span><\/p>\n

The weekend began with cryptocurrencies retracing, but it ended with a rally. Bitcoin (+4.5%), Bitcoin Cash (+4.14%), Ethereum (3.7%), and Litecoin(+4.73%) were the best among the top ten cryptos.<\/span><\/p>\n

That caused crypto analysts to be hopeful about the short-term price action of Bitcoin. One of them suggests a price range to which Bitcoin may rise this week.<\/span><\/p>\n

@CryptoMichNL wrote:<\/span><\/p>\n

“Currently at potential local resistance. Wouldn’t be surprised with the continuation of ranging for the coming days, before we make another push to $7,800-8,000 resistances later next week.”<\/span><\/p>\n

Today ( December 23) followed by another tweet:<\/span><\/p>\n

\"\"<\/p>\n

Last week, the famous investor and BTC bull Tim Draper had stood by his previous forecast about Bitcoin popping $250,000 by the end of 2022 or by early 2023.<\/span><\/p>\n

And CNBC\u2019s crypto expert Brian Kelly said that technically this price action is possible and described how it could befall.<\/span><\/p>\n

Brian Kelly said:<\/span><\/p>\n

\u201cIt sounds bizarre but it wouldn\u2019t be out of the realm of what Bitcoin has done in the past.\u201d<\/span><\/p>\n

Kelly showed a chart of Bitcoin price movements since 2013 and pointed out that since then Bitcoin price has been moving within a rising channel. The top of that channel, Kelly says, is right about $200,000 – $250,000.<\/span><\/p>\n

As for the fundamentals that could lead to this price leap, Brian Kelly calculated that by late 2022 or early 2023, Bitcoin could take half of the market share from all the world\u2019s gold and by that time the market cap of Bitcoin should be almost $4,5 trillion.<\/span><\/p>\n

 <\/p>\n

\n

Could #bitcoin<\/a> hit $250,000 in the next two years? @BKBrianKelly<\/a> and @fundstrat<\/a>‘s Tom Lee help us break down longtime venture capitalist Tim Draper’s bold call. pic.twitter.com\/dGW4nJL86f<\/a><\/p>\n

\u2014 CNBC’s Fast Money (@CNBCFastMoney) December 20, 2019<\/a><\/p><\/blockquote>\n