He also mentioned multiple patterns that show Bitcoin to rise to between $50,000 and $100,000 this year.
“Bitcoin Fundamentals Are As Strong As Ever”
Stating that Bitcoin has not become a currency until now due to its high volatility, the President of the Digital Commerce Chamber said that the current Bitcoin decline is normal.
According to him, 30-50 percent volatility is perfectly normal volatility for the crypto market and therefore, the market is behaving normally in line with expectations. He also reassured viewers that the fundamentals of the Bitcoin network are “as strong as ever.” The network is growing faster than the Internet, which became popular in the late 90s and early 2000s, and its hash rate has reached an all-time high. Now, $32 million worth of Bitcoin is minted daily as more nodes join the network due to higher incentives.
During the talk, host Joe Kernen praised Bitcoin for staying extremely solid at $33,000 at the moment, despite being 50 percent down from its all-time high of $69,000 recently.
"Volatility is not necessarily a bad thing. It's normal to see 30-50% volatility in the #crypto markets in any given month. The markets are behaving just as expected … the fundamentals of the network are as strong as ever," says @ DigitalChamber founder @PerianneDC #bitcoin #btc pic.twitter.com/iUPMIHC1Nh
Multiple Investor Model Shows Bitcoin Between $50,000 and $100,000
The server also asked the possibility of falling to the $ 8,000 level and rising again, as Bitcoin fell to $ 33,500.
Boring stated that according to a number of models used by professional crypto traders, BTC is undervalued, and all these models show the price of Bitcoin between $50,000 and $100,000.
According to Perianne Boring, more than 90 percent of these patterns are interrelated. Boring thought that in 2021 BTC could reach $288,000 by the end of that year.