Is It Too Late to Buy Bitcoin Before 2023? 5 Traders Give Their Predictions
The bitcoin price has fallen by 1% in the past 24 hours, slightly below a drop of around 1.5% for the cryptocurrency market as a whole. Its current price of $16,806 represents a 2% increase in the past week and a 20% decline in the last 30 days, with the FTX collapse largely to blame for this depreciation.
Despite the absence of significantly good news for bitcoin the past few weeks, a healthy number of traders, investors and analysts have argued that the original cryptocurrency has more or less reached its bottom now. Indeed, some are also holding fast to earlier claims that BTC will break its all-time high (of $69,044) in 2023, with billionaire venture capitalist Tim Draper going so far as to predict a new record of $250,000 by the middle of next year.
Draper has actually held up $250,000 as his medium-term target for bitcoin for some time now, initially making the prediction back in April 2018, when he suggested that it would reach a quarter of a million by 2022.
2022 itself had different things to say about bitcoin and the cryptocurrency market, so Draper has understandably had to adapt his forecasting. Nonetheless, he's still sticking to $250,000, and argues that bitcoin will reach this level despite the ongoing FTX fallout.
Speaking to CNBC, he expects that 2023 will bring "a flight to quality and decentralized crypto like bitcoin, while some of the "weaker" altcoins will become "relics."
He's not the only to offer positive predictions for BTC in the past few weeks. One other high-profile bitcoin bull has also doubled down on earlier predictions, with ArK Invest's Cathie Wood recently confirming that she and her firm still believe that BTC will reach the whopping price of $1 million by 2030.
Wood told Bloomberg, "We
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