Bitcoin will stay in $3000-$5000 range - Justin Sun

Speaking in the interview with the Chinese media outlet Mars Finance, the head of TRON Foundation and the creator of TRON cryptocurrency Justin SUN named at least three ingredients for Bitcoin’s recovery. 

He believes that the bear market has already run its course with $3,000 being an absolute minimum for the nearest 3-5 years. However, Sun is in no hurry to forecast stellar growth for the first digital coin. He expects that it will spend 2019 in $3000-$5000 range, while its growth will hinge on three main factors: decentralized apps development, Lightning Network technology deployment, and broad user base.

Basically, these factors apply to any cryptocurrency, including TRON (TRX). In that context, Justin Sun added that the blockchain industry would get a boost when 100 million users of BitTorrent service join the game. They will bring a distinct advantage for TRON. 

Meanwhile, TRON’s network is getting ready for a hardfork. It is scheduled on February 28 and focused on new functionality for institutional clients. 

Currently, TRX/USD is hovering around $0.024 handle, mostly unchanged on a day-over-day basis, A sustainable move above $0.0257 (DMA50) and the recent high of $0.0279 will be needed to create a foundation for an extended recovery towards psychological $0.3000.

On the downside, TRX/USD is supported by $0.0218 (DMA200) and $0.0200. This area will stop the sell-off and trigger another leg higher.