Bitcoin BTC has suffered an almighty crash over the last year, wiping away billions of dollars of value and pushing some of the biggest crypto companies to the brink.
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The bitcoin price has crashed by around 75% from its giddy all-time high of almost $70,000 per bitcoin, with the combined bitcoin market capitalization plummeting from $1.3 trillion to just $300 billion (though one cryptocurrency has already had a strong start to 2023).
Now, venture capitalist and former bitcoin billionaire Tim Draper has doubled down on his outrageous $250,000 bitcoin price prediction—which would give bitcoin a market cap of almost $5 trillion.
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The bitcoin price has struggled over the last year but some of bitcoin’s biggest investors are … [+]
“My prediction was off by a bit,” Draper, who was featured on Forbes‘ 2022 crypto billionaires list before the bitcoin price crash blew up his billionaire status, posted to Twitter, referring to an earlier bitcoin price prediction he made that bitcoin would hit $250,000 in 2022.
“[The bitcoin price] hasn’t made it there… yet,” Draper said, adding he thinks it still will do, “certainly before the halvening.”
Bitcoin’s next so-called “halvening” or halving, scheduled for late March 2024, will see the amount of bitcoin rewarded to those that secure the bitcoin blockchain, known as miners, cut by half, from 6.25 currently to 3.125. Next year’s halving will be bitcoin’s fourth scheduled supply cut.
Last year, Draper told Forbes the bitcoin price will increase 10-fold by the end of 2023, predicting that women will power the next bitcoin price rally.
“My assumption is that since women control 80% of retail spending, and only 1 in 7 bitcoin wallets are currently held by women that the dam is about to break,” Draper told CNBC.
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The bitcoin price has crashed from its 2021 highs but remains well above where it was just a few … [+]
For now, the bitcoin price remains stuck at lows not seen for two years, though market watchers expect bitcoin to make “a big move” soon.
“Bitcoin continues to trade between $16,200 and $17,100—a range that has lasted for almost 3 weeks,” Marcus Sotiriou, market analyst at digital asset broker GlobalBlock, wrote in an emailed note.
“This has caused the technical Bollinger Bands, which characterises the prices and volatility over time of a financial instrument, to tighten. Tight Bollinger Bands show how volatility has dampened significantly. Historically, when Bollinger Bands become constricted it results in a big move for price. The last time the Bollinger Bands were this tight was July 2020, which preceded a 5,000% move for bitcoin to the upside. This has led many to believe that a big move is coming soon.”
