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Bitcoin price topped $10,000 in February before dropping below $4,000 last month as investors and the financial markets reacted to the coronavirus pandemic.

Despite the plunge and ongoing macro economic turmoil, billionaire investor Tim Draper remains bullish on the BTC price.

In an interview with Chinese news outlet Bitpush, Draper, who runs venture capital firm Draper Fisher Jurvetson, warns that prolonged isolation due to widespread lockdowns threatens to aggravate the disease-induced financial crisis.

He also shares his thoughts on the projected V-shaped economic recovery, which would see the United States making a quick rebound from its current slump.

“If the government continues to keep people isolated at home for another two weeks, the economic V-shaped trend that everyone discusses will not happen, and the recession may be worse than the virus at that time.”

For investors navigating the volatile equities markets, Draper believes it’s not the best time to buy US stocks.

But that’s not his position on Bitcoin (BTC). The billionaire says he stands behind his long-standing prediction that the king coin is on track to reach $250,000 by 2022 or early 2023, despite the black swan pandemic that crashed the markets.

While crypto users anticipate the Bitcoin halving in May to limit the supply of new BTC and drive a bull run, Draper says the event is just half of the story.

“If the US dollar depreciates because of large-scale printing of money in the United States, and people know that gold is no longer worth buying, then Bitcoin is a safe haven.”

The crypto investor likewise sees a silver lining in the current situation.

During a bull market, Draper argues, people are not typically open to change, but the current pandemic is driving a shift in habits, as people look for better, cheaper and faster alternatives in banking, healthcare and other industries.

He believes the crisis could trigger the adoption of new technologies such as blockchain, smart contracts and Bitcoin.

“Once people realize that the government is saving the market by devaluing fiat currencies, they will begin to accept the use of Bitcoin. People will realize that Bitcoin is more open, transparent, smoother, more valuable and more replaceable than the US dollar, peso, naira or drachma.”

Last Time This Signal Flashed, Crypto Rallied By 50%.

It’s Back Again According to a Bloomberg report published April 3rd, Bitcoin recently pushed above a key technical resistance, allowing the DVAN Buying and Selling Pressure Gauge to print a “positive divergence and a buy signal.”

To add to this, Bloomberg noted earlier this week that the “GTI Vera Convergence Divergence Indicator, which measures up and down shifts,” suggests the Bloomberg Galaxy Crypto Index — comprised of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and EOS — “flashed its first buy signal in over three months.”

Both indicators flashing buy signals preceded the 50% rally seen in the price of Bitcoin and most other cryptocurrencies that transpired from mid-December to February.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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Last Time This Signal Flashed, Crypto Rallied By 50%. It’s Back Again

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A statistician who accurately predicted that the Bitcoin price will flash dump amidst a global economic crisis now hopes for a significant BTC price rebound.

Willy Woo, an on-chain analyst who in 2018 forecasted that investors would unwind their leveraged Bitcoin positions to seek safety in the US dollar, says the cryptocurrency is looking for a bottom.

“Dump then [the] moon,” he tweeted. “We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for.”

Mr. Woo thinks Bitcoin is behaving as Gold did during the housing and credit bubble burst.

The yellow metal in 2018 plunged by up to 33.96 percent even as the stock market bust raised opportunities for it to behave as safe-haven.

However, investors moved into other offbeat hedging assets, mainly the US dollar.

Gold bottomed-out at $681.75 in October 2018, followed by a steep uptrend that took its value to $1,703.60 earlier this March.

Nevertheless, the Coronavirus-led sell-off prompted the metal to rebound by as much as 14.80 percent. So it appears, bitcoin plunged in a similar fashion.

“Flight to safety: everything else sells off to USD,” Woo reminded investors. “[It is] then used to unwind leveraged positions. Afterward, havens like Gold and [Bitcoin] have a bull run.”

$566,900,000 in Bitcoin (BTC) on the Move As Report Suggests Coordinated Whale Action Behind Crypto Market Crash

A flurry of Bitcoin whale activity is underway as the price of BTC climbs back above $5,200.

In the last 24 hours, some of Bitcoin’s biggest investors have moved a total of 107,209 BTC worth $566.9 million at time of writing.

The largest single transaction sent 47,846 BTC worth $252.2 million between two wallets of unknown origin.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

It definitively looks like we are heading in that direction. What has been happening in the last few weeks is just incredible.

There’s also nothing wrong in $BTC moving up and down with risk assets in such a black swan event.

— Alex Krüger (@krugermacro) March 17, 2020

This big dent in the price chart will lengthen the time till we hit the next bull market top (Top Cap model), more time means a higher top. pic.twitter.com/pdhyliUzl7

— Willy Woo (@woonomic) March 18, 2020

Dump then moon. We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for. https://t.co/ILn3aXTJXG

— Willy Woo (@woonomic) March 18, 2020

Statistician Who Predicted Bitcoin Crash Says Its Price Will Moon

https://cointelegraph.com/news/bitcoin-hodlers-not-to-blame-for-record-50-price-plunge-data-reveals

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With the next Bitcoin Halving now less than 7 hours away, these are very exciting times for the Crypto market.

Just 72 hours ago, BTC was trading at $10,100, but the cryptocurrency has since sustained a strong drop leading into the BTC halving.

This culminated on Saturday evening and Sunday morning, when the Bitcoin price crashed from the $10,000 highs to $8,100 within the span of a few hours.

It was a strong drop that liquidated over $200 million worth of long positions on BitMEX. Bitcoin’s stark reversal from the highs has convinced many of a bearish case.

One prominent trader that last year predicted BTC’s 2019 bottom of $6,400 said that he expects yet another move to $6,400.

Though a market study by Market Science, a cryptocurrency data analytics and market research firm, has confirmed that such a drop may not happen.

Their study indicates that there’s a 77% chance Bitcoin trades at $10,000 within the next week. Because the Chicago Mercantile Exchange’s Bitcoin futures don’t trade on weekends, there are normally “gaps” formed on the charts on every Monday morning.

The crypto market is 24/7, meaning that from the CME close on Friday to the open on Monday morning, there can be volatility that creates such gaps.

Just today, Bitcoin formed a record $1,265 gap, as a top trader noted. This was formed because the Friday price action on the exchange closed at ~$10,000 while the Monday price action opened at $8,785.

It’s a potentially bullish sign for the Bitcoin market, a market study has suggested. Published on December 30th of last year, crypto research firm Market Science found that 77% of CME gaps fill, meaning price touches each portion of the gap, “in the subsequent week” after the gap forms.

The gap isn’t the only sign indicating Bitcoin will undergo a bullish reversal, analysts suggest.

One popular trader shared the chart below, indicating that there are remarkable similarities between Bitcoin’s price action for all of 2020 and that of the past three days: both periods have a four-phase distribution top, a capitulation crash, then a rapid recovery from the lows.

The fractal playing out in full, the trader suggested, will result in BTC returning to $10,000 in the coming two to three days.

In other trending Bitcoin News today:

Why Satoshi Nakamoto Created the Bitcoin Halving

The dwindling Bitcoin mining rewards are a central piece of Satoshi’s method for allowing new BTC to enter the supply and ensuring that supply doesn’t outpace demand, all the while carefully controlling and mitigating the effects of inflation.

He addressed the topic in an exchange with the late bitcoin pioneer Hal Finney via email back in 2008.

“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable.

If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

While price moves more sideways, this creates an environment where large leverage traders have an easier time strategically liquidating the bulk of traders from their positions. Like the cascading 4k->14k short squeeze of 2019. Equals more volatility.https://t.co/cBaDPzmZjQ

— Willy Woo (@woonomic) May 9, 2020

Why Satoshi Nakamoto Created the Bitcoin (BTC) Halving

Market Study: There’s a 77% Chance Bitcoin Trades At $10,000 This Week

https://marketsscience.com/gap_study.html

https://bitcoinblockhalf.com/