Tim Draper predicted that Bitcoin price would reach $250,000 by the end of 2022

In the wake of the FTX collapse, venture entrepreneur Tim Draper has restated his position on Bitcoin’s pricing. In a previous prediction, Draper stated that by the end of 2022, the Bitcoin price would reach $250,000.

tim-draper-predicted-that-bitcoin-price-would-reach-250000-by-the-end-of-2022

Venture entrepreneur Tim Draper

Tim Draper predicts a 1,400% rally for Bitcoin price by Mid-2023

“I have extended my prediction by six months. $250k is still my number,” Draper wrote in an email to CNBC. This would suggest a target of mid-2023 or, more precisely, June 2023. For Draper’s prediction to come true, Bitcoin would need to rise in value from its current level of approximately $17,000 by nearly 1,400%. Bitcoin price dropped over 74% from reaching an ATH of almost $69,000 in November 2021.

For Draper’s prediction to come true, Bitcoin would need to rise in value from its current level of approximately $17,000 by nearly 1,400%. The price of Bitcoin has dropped over 74% from reaching an all-time high of almost $69,000 in November 2021. “I expect a flight to quality and decentralized crypto like Bitcoin and for some of the weaker coins to become relics,” he said.

When this article was published, Bitcoin was up 2.13% and worth $17,307. Analyst Willy Woo believes that long-term hodlers are to blame for Bitcoin’s ability to hold over $16,000 despite severe deleveraging.

A seasonal cryptocurrency pattern, however, may portend bad news for Bitcoin in December if history is any indication. According to Bloomberg, December for Bitcoin has usually been poor after a downward November. The trend was evident in 2018, 2019, and 2021, with an average December decline of approximately 11%.

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