Tim draper is not shy when it comes to predicting the price of bitcoin. In 2014, he predicted that bitcoin would hit $10k by the end of 2017, which it did. The bitcoin bull first made the $250k prediction by 2022 in April 2018 during the crypto winter. He has not wavered in this forecast and once again reiterated his belief during an interview with Yahoo! Finance that despite the current downtrend, bitcoin will cross $250k by Q1 2023.
People Have Consolidated Towards Bitcoin Because It’s Decentralized – Tim Draper
During the interview, Tim explained that the prevailing market trends may slightly slow down bitcoin’s rally making 2023 the year when this prediction materializes. He stated:
“$250,000 by 2022, and I’m hedging a little, maybe Q1 2023. It may be Q1 2023, but it will be $250,000 before that.”
When asked whether he thinks bitcoin will surpass his $250k call owing to the new safe-haven status that bitcoin has achieved, he responded:
“It’s consolidated more than I thought it would. I thought there would be many more competitors at this point that were really relevant, but people have consolidated towards bitcoin because it’s decentralized.”
Growing Geopolitical Tensions Are Putting Bitcoin On The Map
This week has seen more investors flood the bitcoin market as they seek a safe haven with the growing US-China trade wars. Undeniably, bitcoin spiked while stocks plummeted just as Draper noted during the interview.
Additionally, the imminent no-deal Brexit will fortify bitcoin’s safe-haven status as one analyst, Nicholas Gregory believes. According to The Independent, Nicholas, the CEO of blockchain infrastructure company CommerceBlock said:
“Come 2020, we expect an increasingly populist and politically unstable world to cement the safe haven status of Bitcoin and other cryptocurrencies more generally. And if central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.”
Bitcoin Price Watch
Since the beginning of the week, the price of one bitcoin has been hovering around the $11,000 area. Today in the early hours, bitcoin soared to $12,050 but the bulls were unable to support it at the $12k zone as the price slipped back and is currently trading at $11,743.15 with 0.3% 24-hour gains and 13.2% weekly gains as per CoinGecko.
Nonetheless, trader and daily commentator Josh Rager is bullish as ever despite this week’s downtrend. Josh alludes that bitcoin could have its highest weekly close in 2019 if it does not consolidate further.
“If #BTC can hold on for three more days, price has the chance to close its highest on the weekly chart in 2019,” he noted.
Looking back at the time when bitcoin traded at $3,200 lows during the bear market then surged this year to over $13,000, one thing is evident: the bulls have great potential. Therefore, following the recent consolidation, bitcoin could be poised for impressive gains, maybe even reach the $250k projection that Draper mentioned.