Whether or not Bitcoin will hit $250,000 in the coming years remains to be seen but as the year 2019 is coming to an end, crypto pioneers Thomas Lee and Tim Draper are staying optimistic about the future of Bitcoin.
Tim Draper, the billionaire venture capitalist predicts Bitcoin to hit $250,000 in 2022 whereas Fundstart’s Tom Lee sees new records ahead in 2020. Speaking during an episode of the network’s FastMoney segment, alongside Draper and Lee, analyst Brian Kelly also remarked Bitcoin will witness sky-high price in the midterm of next year. In fact, he resonates that this prediction is “a reasonable aim.”
Kelly added that the prediction of 250,000 bitcoin price had maintained since 2019 and continued;
“If Bitcoin just stayed in this pattern — and this is normal analysis people do on all asset classes — if it just stayed that channel, the top of that channel’s around $200,000-$250,000,”.
Although Bitcoin’s price is flooding in, these experts are as bullish as always. To note, Bitcoin is currently valued at around $7100 against USD with a decline of 0.11 percent within the past 24Hrs.
Draper predicts Bitcoin to cross $250,0000 by 2022 by referring to the stock-to-flow-mode (SF) which depicts a situation when the ratio is higher and the asset becomes scarier. The model denotes that the increase in scarcity will drive the price farther. While this may not always be true in the case of Bitcoin but if this turns viable remains to be seen.
“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin,”
Interestingly, Draper remarked about the possibility of large capital flow from fiat to crypto, eventually and went on to say;
“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin,”
Furthermore, in Tom Lee’s view if Bitcoin will not hit $250,000 by the end of 2022, it is likely possible in the next five years, he said. While he didn’t explicitly mention the possible figure of Bitcoin price in 2020, he adds that the next year will be a better year for crypto in contrast to this year.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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