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Two market analysts have said Tim Draper’s bold Bitcoin price prediction might not be as far fetched as it seems.
The billionaire venture capitalist said recently that Bitcoin (BTC) would reach a price of $250,000 between six months and a year after the 2020 halving.
BKCM LLC’s Brian Kelly and Fund Strat’s Tom Lee both believe that Bitcoin will absorb capital from the gold market.
The analysts are not sure that such a colossal figure is achievable is such a short space of time, however, analysts agree: Draper’s $250,000 BTC price isn’t inconceivable.
Founder & CEO of the digital currency investment company BKCM LLC Brian Kelly said that although the prediction sounds “bizarro”, (BTC) Bitcoin is known for spectacular price runs, like those seen in 2013 and 2017.
Kelly identified that Bitcoin has been trading within a channel since 2013.
Extending that channel out to the end of 2022, the top is around the $250,000 per Bitcoin mark.
Kelly said that he agrees with the opinion of Draper and others that Bitcoin will absorb gold’s market share over the coming years.
However, he added that he was not sure that the digital asset would reach the $4.5 trillion market capitalization required to hit Draper’s predicted price by the start of 2023.
Next to weigh in on the Bitcoin price call was Fund Strat’s Tom Lee.
Like Draper and Kelly, Lee is overall bullish on Bitcoin.
However, he too is not sure about the tight time frame predicted by Draper.
He said:
“I don’t know if 24 months is how long it would take… If it took 5 years, I think it would still be considered a huge, massive, surprising success.”
In other Crypto news today, Gin Chao, the Chief Strategy Officer of Binance, told trade news outlet BlockTV earlier this year that historical trends imply the crypto asset market has a large amount of upside potential.
In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range – around seven to 15 times higher than the current price of $7,200, respectively – in the coming decade.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Crypto Market’s Long-Term Trend is Positive: Binance CEO Explain Why
Bitcoin at $250k? Analysts Weigh in on Draper’s “Bizarro” Call