The last few days haven’t been a walk in the park for most Bitcoin traders. The crypto has been battling a somewhat veiled bearish assault that saw its price drop right below the $10k support level, reaching a sad low of around $9,400.
However, Bitcoin now seems to show some signs of regaining its strength as the price has gone up in the last 24 hours. At the moment, Bitcoin trades at around $10,433 – according to data on CryptoCompare.
The shortfall and subsequent rise of Bitcoin have seen many traders and analysts offering their personal opinions in regard to its apparent future.
Raoul Pal is among the many that still hold a bullish stance on Bitcoin. Paul is a former hedge fund executive at Goldman Sachs, and he’s the current CEO at Real Vision.
According to him, Bitcoin is about to go fully bullish and anyone who hasn’t bought Bitcoin by now should do so before the bulls take over and the “rocket ship” spirits out into the high values.
Going on, Paul explains that indeed, the larger market dynamics are all in favor of Bitcoin’s future success. He opined that the US Treasuries are losing steam in terms of yields, charting a potential drop to -4%, a development that would send shock-waves across the market and shift the odds in favor of Bitcoin.
Also, rates are going down in Japan and Europe. Banks, too, are feeling the heat as the competition heats up with Bitcoin.
What If Draper Wins?
Paul isn’t the only big-wig betting hugely on Bitcoin. Tim Draper is in the mix too. Just recently, Tim met the Argentinean President and put his bet on Bitcoin trouncing the ARS in the near future. If he wins, Tim demands that Argentina should do away with the Peso and adopt Bitcoin as the national currency. We can only eagerly wait.