2019 was not a bad year for Bitcoin, whether predicting BTC at $ 250,000 by 2023 is feasible?
Year-end for cryptocurrencies is often the time when the prices rally sharply, although this seems increasingly unlikely in 2019. The whole market seems to begin to collapse at some point last week. Bitcoin has even dipped below $ 7,000, which is the first time the currency has dropped to a 6-8 month low. However, BTC has bounced back currently trading at $ 7,204.29, pushing the rest of the market.
As 2019 nears the end, many people are sharing their views about 2020 and the future of Bitcoin will look like.
Bitcoin at $ 250k?
Currently, billionaire venture capitalist Tim Draper made a reckless prediction about the Bitcoin price when he announced that the top digital assets would reach $ 250,000 between six months and a year after halving in 2020 (by the end of 2022 or early 2023).
Draper argues that increasing customer expectations will promote the excellent performance he predicts. Besides, the increasing distrust of the banking industry and the financial system will contribute to Bitcoin’s growing appeal.
“It looks like it will be something like six months to a year after the halvening that we will cross $250,000 per bitcoin…it is pretty likely we are going to hit $250,000 by the end of 2022 or early 2023.” – @TimDraper.
— BLOCKTV (@BLOCKTVnews) December 19, 2019
Is it possible?
In an interview with CNBC’s Fast Money, Brian Kelly of BKCM LLC and Tom Lee of Fundstrat both believed that Bitcoin would absorb capital from the gold market. However, both are uncertain whether the huge number given by Draper can be achieved in such a short time.
Kelly said that although this prediction sounds like “bizarro,” Bitcoin is known for spectacular price increases, like those seen in 2013 and 2017. Bitcoin has been trading in a channel since 2013. If it extends until the end of 2022, the peak is around $ 250,000 per Bitcoin.
Kelly said that he agrees with the opinion of Draper and others that Bitcoin will absorb the market share of gold in the coming years but it is uncertain whether it will reach the $ 4.5 trillion market capitalization needed to achieve Draper’s predicted price.
Like Draper and Kelly, Bitcoin perma-bull Tom Lee is very optimistic about Bitcoin.
However, he is also unsure of the time frame that Draper predicts. According to Lee, Bitcoin will get there in about five years, not two.
He also pointed out that 2019 was a very successful year for BTC and the next few years will be good for the asset, despite many fluctuations. After all, its price is now double that of the beginning of the year.
In 2020, Lee believes investing in Bitcoin will be the easiest way to make money from cryptocurrencies. He said that regulatory uncertainty around the industry will continue to decline, inspiring confidence in investors. 2020 will be a better year than 2019 for cryptocurrencies. Lee, like Draper, is clearly expecting some bumper returns for Bitcoin investments in 2020.
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