There hasn’t been a lot of excitement in the cryptocurrency market especially because Bitcoin (BTC) hasn’t moved much in the last few weeks. Price has struggled to make any substantial upward move, rather most of the movement has been sideways. However, there may be hope for investors and BTC holders, at least in the long term.
A Twitter poll indicates that most cryptocurrency traders believe BTC price will break upwards after the current sideways movement is over. The poll involved nearly 4,000 participants showed that 58% of them are convinced that BTC will head upwards after breaking out of what they referred to as a triangle.
Of course, the remaining percentage believes BTC will break downwards, a situation that is unlikely according to a seasoned trader with great experience in chart patterns. He says symmetrical triangles ideally lead to upward price breaks. This time may not be an exception if the situation is the same.
However, as the saying goes “past performance is not an indication of future performance”, things may turn out differently and BTC may dip below $10,000 again. The lack of precision with BTC price has generated quite a lot of fear and confusion in the cryptocurrency space as it was believed to be in a bull market.
So far, the market has not been impressive but in addition to the poll, key figures in the space still express optimism that BTC will go far and will reach new highs in the long term. According to Bitcoin bull and billionaire Tim Draper, BTC will hit more $250,000 by 2022. He added that the prediction is conservative as BTC has the potential to be worth much more by then.
Things may not be very bright right now and the future may look bleak, but investors can look forward to a brighter future if Draper’s words are to be regarded.
BTC is at $10,376 at the time of writing this article according to Coin Market Cap and in the green zone. It has been on this level as one of its highest recently. The next thing to watch out for will be where the price goes after breaking the “triangle”.