The top three Bitcoin predictions this week
Speculation on just where Bitcoin might go in the short, medium, and long term has always been a major part of the discourse around crypto. What Bitcoin does do tends to lead the entire crypto sector, so people’s interest in analysing how it might perform.
With that in mind, here are some of the more noteworthy predictions that have been made in the last week.
1. Billionaire Venture Capital Investor Tim Draper: Bitcoin will go to $250,000
Venture Capital investor Tim Draper is standing by his prediction that the price of Bitcoin will easily break into new all time highs over the coming months, with Draper stating “by the end of the year or early next year, Bitcoin will hit a price of $250,000”.
The venture capital investor had a bold statement for why he is so confident on his price prediction, saying that the catalyst will be women increasingly using Bitcoin to shop.
“One thing that will possibly likely happen, and I don’t know exactly when, is that the women will start using Bitcoin. It was one in 14 Bitcoin holders were women. And now it’s something like one in six. And I think it will eventually be even.
“Women control about 80 per cent of retail spending. And retailers haven’t yet realized that they can save 2 per cent by accepting Bitcoin payments. They usually run on very thin margins so by accepting Bitcoin instead of a bank-issued credit card, the might like double their profits.
“That can change everything. And all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin. And you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.”
2. Managing Director at Vailshire Capital: When Bitcoin hits $20,000 it will be a generational opportunity for investors.
Jeffrey Ross, Managing director at Vailshire Capital has described a $20,000 Bitcoin level as a “generational opportunity” for investors, saying also that his fund will continue to purchase as much Bitcoin as it can as the price declines.
“I look at things like the 200-week moving average—that’s sitting at like $21,000 right now. Bitcoin in the past, when it’s gotten as bad as it can get, usually goes down and kisses that line. It can dip below, but then there would be tons of people—myself included—that would be backing up the truck to buy as much as possible,” Ross said in a Zoom interview with Forbes.
He suggested this surge of Bitcoin demand when the currency price hits the bottom will cause Bitcoin to bounce back quickly.
“I don’t think it would last very long.”
3. President of macroeconomic research company Lamoureux & Co, Yves Lamoureux: Bitcoin is about to embark on another rally towards $100,000 by the end of 2023
Speaking with MarketWatch earlier this week, Lamoureux projected that Bitcoin is about to embark on another rally that will result in the asset hitting a value of $100,000 by the end of 2023. He is confident that the rally will run until 2025.
He noted that the next turning point in Bitcoin’s price will be the halving event scheduled for 2024. According to Lamoureux, with decreased Bitcoin supply, the asset would mirror historical price movement where it will appreciate.