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Tron’s Justin Sun says Bitcoin has already hit the bottom and the bear market is over

Namrata Shukla

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Bitcoin [BTC]: Coin has already hit the bottom and the bear market is over, says Tron's Justin Sun
Source: Pixabay

Tron foundation closely worked with Binance to launch BitTorrent Token [BTT] and conduct airdrops. Recently, the founder and CEO of Tron Foundation, Justin Sun and the founder and CEO of Binance, Changpeng Zhao shared some insights about the current market, in an interview with Huoxing24, a Chinese news portal.

Justin Sun discussed the possibility of a retracement from the bearish trend in cryptocurrency prices. When asked about the future of Bitcoin in 2019 and its chances for a market breakthrough, Sun said,

“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000. The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.”

On the other hand, CZ admitted that he was unable to predict the future price of the coin. He added that the future will have faster development of blockchain technology and believed that the digital currency will not disappear, but will spread. The duo went ahead to discuss the test-launch of the JPM Coin and were positive about its implementation. CZ said,

“JPM Coin has made a positive contribution to the entire blockchain industry, hoping it will drive Wall Street to popularize the entire blockchain application.”

Meanwhile, Sun called it a landmark for financial institutions. The CEO of Tron foundation added,

“JP Morgan Chase is a landmark event for mainstream financial institutions to enter the blockchain. I personally think that the top financial institutions such as Goldman Sachs, Citigroup and Morgan Stanley will start to enter the blockchain industry. Different from the previous financial institutions to invest in the industry, this time is a real launch, which is of great significance for the large-scale application of blockchain.”





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Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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