Bitcoin (BTC) will continue to rise over the next 6 months
Bitcoin, after seven weeks of repeated failed attempts, finally managed to move past the $21,000 price barrier.
According to tracking from Coingeckoat the time of writing, the virgin crypto is trading at $21,392 after gaining 5% in the last 24 hours.
By doing so, Bitcoin also managed to increase its total market cap which now stands at $410.71 billion. This sudden surge also helped the overall crypto market valuation increase by 5% since yesterday, sitting at $1.11 trillion at the time of writing.
Before this recent price pump, the cryptocurrency appeared headed for a consolidation area from $19,000 to $20,000 as it slowly dumped its earlier gains after its October 25 rally.
Billionaire investor believes Bitcoin will reach $250,000 by 2023
Tim Draper, a well-known venture capitalist in the crypto industry and also a big supporter of companies like Tesla, SpaceX, Robinhood and Skype among many others, expressed his confidence on the future of Bitcoin, saying it will reach $250,000 next year.
During his interviews back in April and June 2021 and in June 2022, Draper maintained the exact price prediction for crypto assets which unfortunately at this time has not been able to come close to this value.
Image: Finance Magnates
Still, the investors who correctly predicted that BTC would pass $10,000 a few years ago remain bullish on the crypto he calls “protection against bad governance,” adding another six months from the end of the year for it to reach a quarter of a million per device.
Draper also believes that women will play an important role as retail investors for Bitcoin and thus will help push the price to $250,000.
Furthermore, the billionaire claims that when retail users can use the crypto in a seamless and easy way for transactions such as buying food, clothing or shelter, it will be no reason to hold on to fiat currencies and interest will shift to digital assets such as Bitcoin.
Why Bitcoin Is Rising Again
Although BTC has been shown to initiate rallies following positive stimuli such as the rousing confidence statement from Tim Draper, analysts believe that the current price pump has something to do with the recent American Labor Report.
For the month of October, the US added 261,000 jobs – higher than estimates of 205,000. Also, the unemployment rate in the country surpassed the estimate of 3.5% as it reached 3.7%.
For release of this informationBitcoin was on a downtrend and was expected to fall below the $20,000 mark again.
Also, according to Jim Wyckoff of Kitco News, bulls still have the technical advantage over bears, giving the crypto enough room to prepare for another price rally like this.
BTCUSD pair trading at $21,370 on the weekly chart | Featured image from Cryptovibes.com, Chart: TradingView.com
