November 13, 2019, | AtoZ Markets – The well-known venture capital investor Tim Draper is out with another incredible Bitcoin price forecast. This comes as the price of Bitcoin is struggling to break above the $10,000 psychological resistance zone. However, Draper's 2023 BTC price prediction is bullish, over 20X of the current price levels.
Bitcoin price will reach a $250,000 price during Q1 of 2023
Draper's 2023 BTC price forecast came during a recent interview with Yahoo Finance. During the interview, Draper – who is known for his bullish Bitcoin statements – said Bitcoin will reach a price of $250,000 by 2023.
However, Draper went on to note that although he firmly believes this will become reality, current trends may get in the way. The increasing consolidation in the Bitcoin market may delay Bitcoin’s rise to $250,000, according to Draper.
“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.”
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In fact, Draper went on to “hedge his bets”. He did so noting that he believes Bitcoin will hit the $250,000 mark by 2022. However, he seems to recognize this is possibly too optimistic, in saying “$250,000 by 2022, and I’m hedging a little, maybe Q1 2023.”
Draper's previous predictions were accurate
Price consolidation casting doubt on Draper’s Bitcoin prediction has been stronger for the past few weeks. This comes amid fears over a looming recession. Moreover, escalating trade tensions and turmoil in China are also all significant factors to consider. Nevertheless, Draper believes that Bitcoin will hit the $250,000 price target before the end of 2023.
These predictions seem fanciful, at least according to crypto detractors. $250,000 Bitcoin price forecast by 2023 is certainly aggressive. But we can not ignore Tim Draper's historical performance. His predictions and actions have been timely and accurate in the past.
Several commentators note that Tim Draper’s previous prediction that Bitcoin would hit $10,000 by 2017 has shown to be correct. Bitcoin made an all-time high of $20,076 end of 2017.
Moreover, other commentators have also raised other bullish statistics in support of Draper’s prediction. One commentator said that Bitcoin has “barely maintained $12k”. This was met with another commentator noting that Bitcoin has “been profitable 3816 days out of a total of 3869 days”, or 98.63% of the currency’s existence.
What do you think? Will Bitcoin price break above its $20,000 all-time high?