Bitcoin Forecast: Cryptocurrency’s Long-term Prospects Top the list
The gold-like cryptocurrency has been going through a lot of turmoil lately. Among pessimistic investors, and China’s new cryptocurrency reforms, Bitcoin looks like it really doesn’t know where to go. But this is not so.
Bitcoin: Calm before the storm or a flat calm?
All of these recent incidents raise many fundamental questions: what will happen to Bitcoin in a week, a month, 5 or 10 years? There are even taki who shout that this is the end of Bitcoin. Imagine, there are still such people!
So, what could happen to Bitcoin in the next few years.
As you know, there have been many liquidations in the market in recent years. These liquidations actually come from short-term cryptocurrency investors.
During the last rollback of the BTC, 1.1 million traders liquidated their positions.
After that, HODLers reacted by using the decline to buy Bitcoins liquidated by short-term traders. Long-term “bullish” hodlers strengthen their positions at the expense of “bears”.
The number of long-term Bitcoin holders is steadily growing despite the May unrest. More and more people believe in cryptocurrency and invest, and this is a positive sign for the BTC forecast.
Another equally important indicator is the net reserves of BTC on crypto exchanges. They are also shrinking dramatically. Simply put, this means that the cryptocurrency’s selling rate has also fallen.
The bull market will resume this summer, says Justin Sun of Tron
In an interview with Bloomberg TV, Justin Sun, founder of Tron (TRX), discussing the situation in the crypto market, said that the current period is a normal correction in the price of Bitcoin, which will lead to the recovery of the bull market in July — August 2021.
With optimism, he calls the capitalization of Tether (USDT), which by the end of the year will be about $100 billion, which is almost twice the current capitalization.
To support his optimistic assessments of the crypto market in the coming months, Justin Sun compares Tron’s numbers with PayPal’s data, indicating that the number of transactions on Tron has exceeded the number of PayPal transactions. The Tron network has exceeded a turnover of $10 billion per day, while PayPal has a turnover of $2 billion per day.
According to him, this is very encouraging for the crypto sector.
When asked about China’s recent statements regarding the ban of Bitcoin and cryptocurrency miners, the Tron CEO suggested putting these statements in perspective, pointing out that no one can control the cryptocurrency market, but market adjustments are needed and that they have implications for the price of cryptocurrencies.
For him, the Chinese crypto sector is important, and he believes that the authorities will not abandon cryptocurrencies, especially since this industry is increasingly associated with many jobs in the country.
When asked about dogecoin and the capitalization of the DOGE token, which has reached $65 billion, Justin Sun replied that he “believes in Dogecoin” and that it is “the cryptocurrency of the people”.
As for Elon Musk and his recent claims about Bitcoin mining polluting the planet too much, Justin admits that the environmental problem with cryptocurrency mining needs to be addressed. He also expressed gratitude to the CEO of Tesla for attracting so many new people to the cryptocurrency.
The Tron blockchain operates in share confirmation mode and therefore can claim to be more environmentally friendly than the Bitcoin or Ethereum blockchain.
From this Bloomberg interview, many will remember only the forecast given by Justin Sun this summer about the resumption of the BTC bull market, and the rest of the cryptocurrency market, which is currently very sluggish, and not the empty chatter of the controversial crypto leader.