Despite a recent bout of fear, uncertainty, and doubt within the cryptocurrency community, Charles Hoskinson – the creator of Cardano – has set a bullish $100,000 price target for BTC.
Bitcoin is dying, or so it would appear if you lurk around any corner of Crypto Twitter. This dour sentiment is somewhat understandable given the current price performance of BTC.
In the space of a month, bitcoin has been on a sad slope down to $7,000, where it currently resides.
Some hope was regained at the end of October when the flagship crypto broke free of the bears. Following China’s widespread adoption of blockchain, BTC attempted to surmount the $10,000 mark. But, this wasn’t to be, and bitcoin has continued to sour ever since.
Nevertheless, looking to mainline the flagging crypto community with a healthy dose of hopium is Hoskinson. Amid the plethora of bearish opinion, the Cardano creator came out bullish as ever, highlighting bitcoin’s future prospects. He alluded that while short term losses are inevitably crippling, long term fundamentals still exist. To this end, he placed a $10,000 price mark for BTC, before hinting at the eventuality of $100,000.
Hoskinson attributed much of bitcoin’s recent losses to FUD, news trading, and manipulation. One thing is for sure; there hasn’t been a lack of any of those.
One of the biggest and frankly most FUD-driven stories of this week came in the form of the so-called Binance “raid.” According to a report from The Block, Binance’s Shanghai offices were raided by Chinese authorities. The publication cited an insider source explaining that 50 to 100 employees had been removed and were forced to relocate for work. But here’s the kicker: Binance hasn’t had an office in Shanghai for over two years.
You can argue about the semantics of an office, who leased it, for how long, if it is empty, etc. But you can’t argue about the semantics of a “police raid” that did NOT happen. Without the fake “police raid”, there is no article. Pure FUD!
However, as reported Friday, not all of the story was fabricated. It seems Chinese officials are, in fact, clamping down on cryptocurrency exchanges. According to an announcement from the People’s Bank of China (PBOC), opposition towards crypto trading is being reinforced within the country. The notice relays that China’s recent obsession with blockchain has given rise to “virtual currency speculation,” along with an uptick in crypto exchange activity – something which the PBOC is looking to dispose of “immediately.”
In the fallout of all of this, bitcoin has once again taken a tumble, but not all is lost.
Hoskinson isn’t the only one remaining positive in the face of FUD. According to Forbes contributor and investment guru, Clem Chambers, bitcoin’s recent slump is simply “noise.”
Bitcoin is going down. It is in a bear market. That is bad news if you are a short-term holder and good news if you are a long-term acquirer.
For Chambers, bitcoin’s current price volatility is misleading simply because the events causing the drop are outside bitcoin’s typical trend. While he still admits that bitcoin is “tanking towards capitulation,” Chambers suggests that it wouldn’t take much for a reversal to occur. As for a catalyst, there doesn’t seem to be any on the horizon right now; instead, Chambers advocates picking up some cheap coins. Who knows, you may be thankful you did if BTC does manage to reach $100,000.
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Last modified: June 12, 2020 6:53 PM UTC