- The CEO of Binance, Changpeng Zhao sees Bitcoin trading at $100,000 with a modest $2 trillion in market capitalization.
- Bitcoin price remains vulnerable to declines as long as it stays under $7,000; the possibility of a return to $6,000 is high.
The CEO of Binance, Changpeng Zhao is imagining a scenario where Bitcoin has a market capitalization of $2 trillion. In his opinion, such a massive market cap would easily place the price per BTC at $100,000. One factor that could send Bitcoin’s market share to such levels is the ongoing printing of money by central banks around the world in a bid to avert potential economic crises amid the Coronavirus pandemic.
As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?— CZ Binance (@cz_binance) March 25, 2020
As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
At the time of writing, Bitcoin is trading at $6,701 on Wednesday. It is still trading in red with losses amounting to 0.95% on the day. Upward movements have been limited following the resistance at $6,800 on Tuesday. Meanwhile, the path of least resistance remains to the south. However, the shrinking volatility suggests that rapid movements are unlikely in the coming sessions.
Bitcoin price confluence levels
Resistance one: $6,741 – Highlighted by the previous 15-minutes high, the previous 1-hour high and the Bollinger Band 15-mins upper curve.
Resistance two: $7,020 – The previous week high and the pivot point one-day resistance one converge in this zone.
Support one: $6,322 – The SMA five one-day, the SMA one-hour and the Bollinger band 4-hour middle meet here.
Support two: $6,043 – Highlights the SMA 50 4-hour, Fibo 38.2% one-week and SMA 200 one-hour.
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