Bitcoin Price Prediction: BTC could Hit $250k – Analyzing Bullish Claims
Despite the huge volatility in the crypto market, the crypto space is flooded with all kinds of bullish price-related predictions these days.
Analyzing Tim Draper’s bullish forecast on BTC
Now, CNBC analyses the recent bullish claims that have been made about the price of BTC by Tim Draper.
He said that BTC would probably hit $250k as soon as 2020 and as late as 2023.
CNBC trader and analyst Brian Kelly Bitcoin’s trendline since 2013 shows the leading crypto is on a long term track toward Draper’s big number.
Bitcoin vs. gold
Kelly said that this depends on whether BTC emerges as a digital alternative to gold.
If BTC hits the big price target, Kelly points out that it will have achieved half of gold’s market cap.
Kelly said, as cited by the online publication the Daily Hodl, that “The fundamentals, let’s call it, is that if Bitcoin were at $250,000 that’d be about a $4.5 trillion market cap, which would be half the market cap of all the gold in the world. ”
— CNBC's Fast Money (@CNBCFastMoney) December 20, 2019
He continued and pointed out this: “So I think Tim Draper thinks, and I certainly have some of this view, is that Bitcoin is going to take market share from gold. So if you think in two years it can take 50% of that market share, then that prediction isn’t too far out of whack.”
Check out the video above in order to learn more details.
At the moment of writing this article, BTC is trading in the green just like all the important coins in the crypto space.
The most important digital asset is priced at $7,558.16 at the moment of writing this article.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.