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Bitcoin continues to oscillate, but the conditions for a later surge to a high above $40,000 may be ripe.

                             

Market quotations

On Thursday, Elon Musk¡¯s latest remarks got more support for Bitcoin, which also made people feel excited, and then the price of Bitcoin rose to 32,000 US dollars.

                             

Bitcoin bulls regroup at 32,000

According to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin was between $31,500 and $32,000 on Wednesday night, and just a few hours ago, Musk and others praised Bitcoin in a conference group.

As reported by Cointelegraph, many people thought Musk would be critical of Bitcoin, but Musk's remarks were generally positive. -This in turn led to a brief spike in the price of Bitcoin, reaching a maximum of $32,800.

Since then, the familiar resistance began to appear, and the $32,400 level once again became a resistance level, which is a feat that Bitcoin has not yet achieved (breaking the resistance level).

Nevertheless, Bitcoin remained above 30,000, and there was almost no sign of a sharp correction on Thursday.

Cointelegraph writer Michaël van de Poppe said: "If we look at the price trend of Bitcoin, we can clearly see that Bitcoin is staying above $31,000."

"If this situation continues and the market sees a higher low, I think Bitcoin has formed a temporary bottom and Bitcoin will test $40,000."

Independent analyst and trader Keith Wareing is neutral on the Musk incident. He believes that because there is no real breakthrough in the resistance level, Bitcoin's price outlook has not undergone fundamental changes in the short term.

Therefore, traders' buying and selling positions also continued the trend earlier this week-a resistance zone was slowly formed at $33,000, and the support level was at $31,000.

                             

Van de Poppe: If Bitcoin takes off, altcoins will rise sharply

Altcoins also consolidated the 5% to 10% gains of the day.

Dogecoin (DOGE) began to rise before Musk's speech. As of press time, its trading price is still below $0.20, an increase of nearly 8%.

Van de Poppe added that if Bitcoin rises to a resistance zone of $40,000 or higher, it will have a more pronounced impact on the altcoin market.

He predicted: "This will cause altcoins to rise 80-150% from their current prices".

Ethereum (ETH), the altcoin with the largest market capitalization, returned to $2,000 after briefly losing its 2021 high-low trend earlier this week and continued to rise from the support level.

                             


(This article is from Bitpush.News)

Bitcoin is not new to enthusiasts setting high price targets and forecasts that seem wild. In this vein, Tim Draper, who has always been a strong bitcoin advocate has been one of those giving the digital asset a high price target. Back in 2018, the billionaire had made a price prediction that seemed to most an outrageous forecast.

                             

This was mostly due to the fact that at the time that Draper made the predictions, the price of bitcoin was still at a mere $8,000. But Draper had never backed down on his prediction. In fact, Draper had reiterated the price prediction in 2021, explaining that his faith and forecast are predicated on the fact that the digital asset will never have more than 21 million coins in circulation.

In addition to this, the fact that with each passing day, more and more investors lose their coins by way of forgetting private keys and seed phrases means that the total bitcoins that will be in circulation shrinks each day. Draper has not changed the timeline for his prediction too. According to the billionaire, his price prediction continues to be that he believes that the digital asset price will hit $250,000 by 2022.

Now, for the second time this year, Tim Draper is back to remind everyone that he still stands by this prediction.

In an exclusive interview with Benzinga, Draper continued to reiterate his continued support for his prediction. Draper¡¯s reply to the questions about his certainty in his prediction despite the negative price movements was that he stood by his prediction.

Draper still believes that bitcoin is set to hit $250,000 by end of 2022 or early 2023. The billionaire continues to be unfazed by the market movements so far this year.

Bitcoin, the number 1 digital asset, has lost over 50% of its value since it hit its all-time high of $64,000 back in April. So far the coin continues to struggles amidst market corrections. Draper gave his opinions on these market movements and downtrends so far.

"We have had many ups and downs and will continue to, but the global, trusted, decentralized, frictionless, open, transparent bitcoin will become increasingly popular as more and more applications evolve."

                                

Continuing on, Draper explained that to him, BTC meant freedom and trust. ¡°Bitcoin is a modern hedge again inflation,¡± Draper said. Draper.

Draper is not the only one that believes bitcoin can help fight inflation. U.S. City Mayor Scott Conger had made the headlines last week when he tweeted that he believed bitcoin was a fix for inflation and was taking steps to make sure his constituents could pay their taxes in BTC.

Senator Cynthia Lummis is another prominent figure that has applauded the ability of bitcoin to help fight inflation. Lummis had said that the digital asset could help underpin the U.S. dollar to help combat rising inflation rates.

The interview also included Adrian Pollard, who is co-founder of bitHolla. Pollard took time out to highlight some of the regrets of 2021. Namely; Tesla¡¯s refusal to accept BTC payments, despite having accepted it earlier in the year, and the recent crackdowns by the Chinese government on mining.

In the interview, Pollard was asked if he had any regrets in the year 2021. Responding to this, Pollard had opined that if there was something he could undo in the year, then it would be the comments made by Elon Musk regarding the energy consumption of mining.

Although despite the negative news that had set back the price of the digital asset, Pollard remained positive. Pollard laid this out as more of a one step back and two steps forward scenario.

As for lessons learned, Draper explained that technology will ultimately prevail through fits and starts. Draper had paid $18 million for his first batch of bitcoin which he got at a U.S. Marshall¡¯s office auction. The billionaire purchases over 29,000 coins at $632 apiece.


(This article is from NewsBTC)

Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti plan to submit a Bitcoin bill to Congress on July 14 (Wednesday), highlighting the urgency of the country's legislators in developing a coherent digital asset strategy for their country.

Rejala said on Twitter on Friday: "I'm here to unite Paraguay." He added that he and his colleagues in Parliament are planning to "bring a big surprise to Paraguay and the world."

I am here to unite Paraguay, which is why we decided to submit the Bitcoin bill together with Senator Fernando Silva Facetti on Wednesday, July 14th!

Please stay tuned, because Paraguay and the world will usher in a huge surprise. The big event is about to happen.

¡ª Carlitos Rejala (@carlitosrejala) July 9, 2021

                            

Although Rejala did not specify what the bill will involve, some lawmakers in the country hope to emulate El Salvador and make Bitcoin legal tender. On June 6, Rejala told his more than 50,000 Twitter followers that digital assets will be linked to "an important project to innovate Paraguay in front of the world."

According to Rejala¡¯s previous statement, the forthcoming bill will introduce measures to make Paraguay a major center for foreign cryptocurrency investors, businesses and even Bitcoin miners. This may include the acceptance of BTC as legal tender.

Like other Latin American lawmakers, Rejala's Twitter account picture has laser eyes added, which is a symbolic way to show that it is bullish on Bitcoin.

Due to local economic and fiscal pressures, especially in countries such as Argentina, Venezuela, and Mexico, Latin America has become a potential hotbed for cryptocurrency adoption. As Cointelegraph reported, there are now at least two cryptocurrency unicorn companies in Latin America, a term used by the venture capital industry to describe startups valued at $1 billion or more.

2TM Group is the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin. It recently completed a US$200 million financing round with SoftBank, bringing its total valuation to US$2.1 billion. At the same time, the Mexican cryptocurrency exchange Bitso has been valued at $2.1 billion after completing the C round of financing.


(This article is from Bitpush.News)
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