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  • BTC/USD rushes above $6,700 for the first time in two weeks.
  • Tim Draper confirms that one Bitcoin will cost $250,000 by 2022.

Bitcoin bulls have woken up and pushed the digital coin No. 1 to the highest level in two weeks. BTC/USD is now changing hands at $6,727, nearly 5% higher on a day-to-day basis, gaining 3.6% since the beginning of Friday.

The upside is triggered by a strong bullish run among altcoins, led by Ripple’s XRP. The SEC’s decision to delay the ruling on Bitcoin ETFs did not discourage the market players as the regulator’s desire to get more feedback was interpreted as a good signal and a sign that the authorities are willing to get a better understanding o the market.

Meanwhile, world’s famous billionaire venture capitalist and Bitcoin bull, Tim Draper, confirmed its prediction that Bitcoin would cost $250,000 by the end of 2020.

“This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction, and I’m sticking to it. $250,000 by 2022 for Bitcoin,” he said in the interview with The Street, suggesting that Bitcoin will eventually rise.

Bitcoin’s technical picture

A series of this morning’s breakthroughs might have serious technical implications as BTC/USD rushed through SMA200 (4-hour chart) and DMA50 for the first time in two weeks, and broke above 38.2% Fibo retracement level for the downside movement from September peak at $7,400. The next resistance is created by DMA100 at ^,741. Once it is cleared, the upside may be extended towards critical $7,000.

On the downside, the support levels are numerous. $6,600 handle is likely to stop the first correction; however, if it is broken, $6,400 will come into focus. This is a former resistance with a host of SMAs clustered around it.

BTC/USD, 4-hour chart