|

Bitcoin Price Prediction: BTC/USD at $100,000 with a market cap of $2 trillion - Binance CEO, Confluence Detector

  • 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.

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.


fxsoriginal

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Cardano: Under pressure as bearish derivatives cap recovery

Cardano remains under pressure, trading lower at $0.165 on Monday after mild losses in the previous week. Weakening derivatives metrics and subdued momentum indicators suggest that ADA's upside move remains limited, keeping downside risks in focus. Derivatives data for Cardano shows bearish sentiment among traders.

Bitcoin holds firm at $65,000 – AAVE and ONDO gain traction

The broader cryptocurrency market risk-off sentiment eases as the US and Iran extend the pause in missile strikes, while Oman holds peace talks. Bitcoin holds firm above $65,000 on Monday, while DeFi tokens, including Aave and Ondo, emerge as top performers over the last 24 hours.

Bitcoin extends winning streak, Ethereum clears key hurdle, XRP steadies

Bitcoin, Ethereum and Ripple begin the week on a firm footing after surging over 1%, 4% and 1%, respectively, in the previous week. BTC holds above key technical resistance after recording its fourth consecutive weekly gain.

World Foundation raises over $52M in token sale as World Network marks third anniversary
World Foundation, the nonprofit organization behind World Network, has raised $52.5 million through a strategic sale of its WLD token as the project marks three years since its mainnet launch. The funding round was led by Pantera Capital and included participation from Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.