The value of Bitcoin (BTC) is experiencing its new low since February 2018, trading slightly above $6,430. The digital currency has fallen by more than 11%, pushing its monthly losses to the mark of 25%. However, Bitcoin bull Tim Draper believes that the crypto coin can reach $250,000 in a four-year term.
The reduction in price seems to be gaining momentum, as bitcoin trading is currently conducted on the level of $6,430. However, the crypto market evidences a high selling pressure. If we look closely at the 4-hour timeframe chart, it will show that the price of Bitcoin has not managed to go further than $9,500 in May. Besides, we can point out a couple of support zones, but they have failed to resist to the prolonged bear pressure.
There is a highly bearish trend on the crypto market, with the ongoing selling pressure to be observed soon. For example, the 50 SMA is below the 100 SMA, which means the past of least is to the downside. The Stochastic on the 4-hour chart takes the position of overselling and the MACD shows -234 mark. The level of week support is at $6,430, but $6,400 is greatly possible. The key resistance area is determined by the mark of $6,750.
It is worth mentioning that the billionaire Tim Draper told The Street in an interview that he expects Bitcoin to surpass $220,000 in 2022. Having outlined the regulation aspect in the financial technology area, he further explained how he saw the future of Bitcoin and other major virtual coins. Draper also assured that Bitcoin is the safest trade coin now while predicting its price skyrocketing:
“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.” He added, “I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it.”