- VC Tim Draper predicts $250K per BTC by the end of 2024.
Draper cites the changing political scene and halving event, but Arthur Hayes disagrees.
Tim Draper, an American venture capitalist investor, believes Bitcoin‘s value will increase by a factor of 3.5 before the year ends. He further anticipates that the cryptocurrency could reach $250,000 by the end of 2024.
Based on current trends, it’s possible that I could reach $250K in earnings by the end of this year. Things are shaping up favorably.
Based on this prediction, Bitcoin‘s price could rise by a substantial factor of 3.5, approximately doubling its current value of roughly $70,000, highlighting its possible growth potential.
An earlier projection made by the venture capitalist for Bitcoin reaching its target by the first quarter of 2023 did not materialize. Contrarily, his 2014 forecast that Bitcoin would reach $10,000 within three years proved accurate.
Politics, macro and Bitcoin price predictions
When asked why his $250K per BTC by Q1 2023 didn’t happen, Draper quipped,
“I underestimated the challenges. In a supposedly free nation, I didn’t anticipate such obstruction from bureaucracy. I believed a free country would truly embody freedom, enabling markets to dictate outcomes without interference.”
Draper remarked, “Effective leaders empower people and let them soar. On the other hand, inadequate leaders attempt to micro-manage everyone using their monetary authority.” He pointed out that promising leaders are emerging today.
On the upcoming halving event, the VC was quite optimistic as he said,
For those invested in the stock market, it’s often advised not to go against the Federal Reserve. Similarly, for Bitcoin investors, it’s commonly suggested not to go against the halving event.
He emphasized that the supply shock post-halving could further rally the BTC price.
In a new development, Arthur Hayes of BitMEX predicted that the Bitcoin halving in mid-April would lead to increased selling due to anticipated market liquidity issues.
When the halving takes place during a period of reduced dollar availability, it could fuel the intense selling of cryptocurrencies.
Meanwhile, BTC extended its short-term price consolidation around the previous cycle high.
The market was trapped between the prices of $68,300 and $71,500 just before the upcoming halving event. Many traders were hesitant to make moves due to the uncertainty surrounding the price action during this period.
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2024-04-12 15:19