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Bugatti Sports Car for 1 BTC: a Pipe Dream or Reality?

22 Aug 2022


Among the many questions that concern the crypto community, two main ones can probably be distinguished: 1) Who is Satoshi Nakamoto? and 2) How much will bitcoin be worth? The first of them will be answered by White Paper Films, which announced the start of work on a documentary film dedicated to the personality and mysterious disappearance of the creator of the first cryptocurrency. (By the way, you can find a lot of interesting information on this subject on the NordFX broker website). As for the second question, as usual, we will look for answers to it in this weekly review.

This is the end of the good news this week. Recall that the price of bitcoin fell to $17,597 on June 18, in line with December 2020 levels and almost 75% below its all-time high of $68,918. If we measure from the beginning of 2022, the main cryptocurrency started at $47,572 on January 01, and its fall was 63% by June 18. However, as the chart shows, bearish resistance sharply increased above $24,000 and the upward momentum began to fade rapidly. So, the weekly high was at a height of $24,264 on July 20, $24,435 on July 29, $24,891 on August 11, and, finally,  $25,195 on August 15. That is, the uptrend seems to have continued, but the increase in highs was less than 4% over the past 4 weeks. And the past week has generally brought investors a complete disappointment. 

NordFX: Forex and Cryptocurrencies Forecast for August 22 - 26, 2022

As of this writing, Friday evening, August 19, the total crypto market capitalization is $1.028 trillion ($1.155 trillion a week ago). The Crypto Fear & Greed Index fell 9 points in seven days from 42 to 33 and came close to the Extreme Fear zone. BTC/USD has gone down sharply again and is trading at $21.095. There are several reasons for this fall. First, the intention of the Fed to continue raising rates, which became clear from the minutes of its last meeting. Secondly, there is strong downward pressure from the fever in the stablecoin market. First, aUSD was compromised, and HUSD, the token of the Huobi crypto exchange, lost its peg to the dollar last week. If we add to this the bankruptcy of a number of cryptocurrency funds, the pessimism that reigns in the market becomes clear.

Well-known analyst and DataDash founder Nicholas Merten noted that bitcoin and ethereum are showing signs of weakness despite their rising prices in recent weeks. According to Merten, the fact that the recovery of the stock market is ahead of the recovery of crypto assets suggests that the latter may not have much strength left to continue the rally. If cryptocurrencies sell out faster than stocks during a downtrend, then they should have recovered faster. But there is no such recovery at the moment.

Another crypto strategist, nicknamed Capo, believes that “there is a chance to see another attempt by the main cryptocurrency to storm the $25,400-$25,500 range.” However, according to his colleagues at Norhstar & Badcharts, there is a possibility that bitcoin could start to drop sharply to $10,000-$12,000. They explained their assumption in an interview with Kitco News as follows: “According to the chart, the price of bitcoin is in an inverted arc, opposite to the Cup pattern… There are a number of technical analysis methods that increase to 70-80% the probability that the price of bitcoin will make new lows of $10,000 -$12,000 and there's about a 20% to 30% chance it will go up." In the event that the bitcoin rate goes up, according to Norhstar & Badcharts, it could reach $29,000-$30,000. According to them, this is the maximum level that the value of BTC can rise to before it starts to fall. “We are either already at local peaks or very close to them,” Norhstar & Badcharts says.

As usual, influencers who have invested heavily in bitcoin are trying to knock down the wave of pessimism. They continue to convince everyone and everywhere of the fantastic prospects of the flagship cryptocurrency. For example, Anthony Scaramucci, former director of communications at the White House and now head of the investment company SkyBridge Capital, recalled in an interview with CNBC the limited issue of bitcoin of 21 million coins, which will lead to “shock demand with little supply.” Scaramucci believes that the first cryptocurrency can show unprecedented growth within six years. “If we're right, if bitcoin goes to $300,000 it won't matter if you bought it at $20,000 or $60,000. The future is ours. And it will happen sooner than I thought,” he says.

The former director of the White House is echoed by the former head of MicroStrategy Michael Saylor. Recall that this company acquired 129,698 BTC under his management. Despite the current unrealized huge losses on these trades, Michael Saylor is confident that the purchase of bitcoin as a reserve asset was justified, and the asset will prove to be reliable in the future. “We […] got into the lifeboat of the first cryptocurrency with the understanding that we would be tossed in the ocean, but we would not drown and would appreciate this step over time,” said Saylor. According to him, the volatility of cryptocurrencies will only affect short-term investors and public companies, so bitcoin is not for everyone. “The investment should be for a period of at least four years. Ideally, this is the transfer of wealth from generation to generation. The metric that confirms this is the four-year moving average,” he explains.

And at the end of the review, here is the statement of another bitcoin maximalist. “I still hope to buy a Bugatti for 1 BTC,” said Jesse Powell, CEO of the Kraken crypto exchange. Given that the cost of one Bugatti sports car can exceed $5 million, it takes very little to fulfill this dream: “just” to wait for bitcoin to rise in price by 250 times.

NordFX Analytical Group


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 93.2% 3 $26 578.13 1.46% -1.21% $515 523 852 307 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.8% 1 $1 851.65 1.45% -0.94% $222 625 164 413 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000135 0.02% 0% $83 312 701 560 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 11 $263.30 1.73% -13.80% $41 036 442 955 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $0.999980 0.01% 0.03% $28 439 686 561 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 70% 56 $0.525411 1.38% 3.20% $27 314 551 970 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 92.4% 7 $0.323589 0.63% -11.72% $11 293 739 388 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 8 $0.067802 1.05% -5.51% $9 471 068 578 DOGE 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 71.2% 51 $0.077563 0.87% 3.14% $7 886 264 204 WTRX 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 16 $18.90 1.09% -8.24% $7 526 603 562 SOL 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 89.2% 16 $0.780049 1.87% -12.35% $7 246 243 263 MATIC 7 days price change
13 TRON (TRX) TRX TRON predictions 74.8% 49 $0.077629 1.27% 3.65% $6 997 511 849 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 81.6% 38 $88.46 -0.35% -6.33% $6 466 841 922 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 94% 6 $5.03 0.42% -3.75% $5 993 939 800 DOT 7 days price change

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