Bitcoin (BTC) Sentiment is Bullish But is $98 Million Even Possible?

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices trading above $5,000 as bulls reject lower lows
A Bitcoin holder projects BTC to hit $98 million in 20 years

Although prices are down, sliding from $5,500 after peaking mid this week, candlesticks, as well as fundamental factors, favor Bitcoin (BTC) bulls. One Twitter user projects BTC to hit $98 million in two decades.

Bitcoin Price Analysis

Fundamentals

For speculators, everything is about price. Pricing dominate and with fluctuating crypto assets, traders have a home in crypto. Analysts have on numerous occasions aired their two cents. Most are optimistic that Bitcoin as a problem-solving network whose native coin is shaping the financial landscape is here to stay. As a result, they interpret value and a possible undervaluation. Their ballpark estimation of what BTC would be in say five or ten years is around the $50k mark. However, there is a new breed of believers who after their analysis think that Bitcoin—and in that case liquid asset—are grossly undervalued.

One of them going by the Twitter handle, Moon_Rekt project Bitcoin to surge to $98 million in a record-breaking 20 years. Affirming his projections are a combination of several factors including the role of hodlers, the increasing scarcity of the world’s most valuable asset and then next years’ halving that will see miner rewards drop by 50 percents.

1/ This thread will explain why Bitcoin will become the first world currency worth ≈ $98 Million USD per Bitcoin (in today’s dollars).

Timeline: 1-2 Decades

— Joe Burnett (🔑)³ (@IIICapital) April 12, 2019

Adding that are the advantages of Bitcoin and all other blockchain networks. Some of them include the security, fungibility of prices not content of block and then divisibility of an asset which places it above Gold, whose market cap is around $7.7 trillion. Once high net-worth players begin shifting from Gold as a store of value to Bitcoin taking advantage of what the network has to offer, the optimistic holder expects BTC to soar.

Candlestick Arrangements

After two weeks of above-average gains, Bitcoin (BTC) is slowing down, up 0.6 percent in the last day. However, what is encouraging is the reaction from $5,000 and rejection of lower lows. From the charts, it is clear that our previous BTC/USD trade plan is valid.

As a result, every low is technically another buying opportunity. In that case, both sets of traders should take advantage of positive sentiment and favorable candlestick alignment to load up with aggressive participants taking at spot rates with stops at Apr-11 lows at $4,900—data streams from BitFinex.

Technical Indicators

In line with current developments and risk of lower lows, Apr-12 bear bar anchors our analysis. With light volumes—19k against 21k average, Bitcoin (BTC) bulls will be back in contention as risk-averse traders flow in once prices rally past $5,500 with volumes exceeding 19k.

Chart courtesy of Trading View.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.