Tim Draper, a venture capitalist known for his bold long-term Bitcoin price predictions, reiterated his call for BTC to reach $250,000 in 2024. Draper cited increased mainstream adoption and accommodating government policies as key catalysts to push Bitcoin to $250,000.
key point
- Tim Draper predicted Bitcoin would reach $250,000 in 2024, citing increased mainstream adoption like what happened in El Salvador.
- Draper believes that once Bitcoin reaches $250,000, it will continue to rise well beyond that price.
- Bitcoin price indicators such as Bollinger Bands and RSI indicate that a potential near-term price rise is imminent.
- The daily Bollinger Bands are narrowing, similar to where they were before BTC broke $30,000 and $40,000.
- The 3-day MACD indicator poses a potential negative threat if a bearish trend reversal appears in the next few days.
Draper points to El Salvador’s pioneering move to create a Bitcoin fiat currency in 2021 as an example of the type of government acceptance that could spark Bitcoin’s next major bull market. He chastises America’s “fear and old thinking” that has so far prevented it from being more widely adopted. The VC claims this is just a delay, calling it a “fear delay” and “existing government delay.”
In addition to accommodating government policies, Draper believes Bitcoin will be boosted by expanding usage among women. He predicts that there will be a flood of women adopting Bitcoin wallets for purchases and that BTC will surpass the $250,000 milestone.
The $250,000 target for 2024 remains intact, but Draper speculates that once this target is achieved, the price of Bitcoin will continue to rise rapidly well beyond that target. “I actually think once we get to $250,000 we’ll go beyond that,” he explains.
Current key Bitcoin price indicators, coupled with Draper’s bold 2024 outlook, suggest that an imminent near-term move is in the cards. The daily Bollinger Bands are contracting in a way that preceded a new BTC breakout during this year’s bull market. The Relative Strength Index (RSI) momentum oscillator shows Bitcoin as oversold on the daily time frame after resetting from monthly highs. This combination of indicators suggests that consolidation in a range is giving way to fresh volatility.
One potential foil comes from the 3-day moving average convergence divergence (MACD), which is at the peak of a bearish trend reversal. However, there are still a few days left for the bulls to nullify the signal and sustain the uptrend.
#Bitcoin MACD on the 3rd is currently showing a downward trend.
The next 3-day candle closes in 3 days, so it will be void for 3 days based on price action.
Cross has been 100% accurate all year, and prices have been going lower and higher ever since.
The last bull crossover occurred around $27,000 and was updated at the time of https://t.co/wffcBEa2Y9.
— Matthew Hyland (@MatthewHyland_) December 27, 2023
So while uncertainty persists as to whether the next impending move will be upward or downward, Draper remains firm that $250,000 will materialize in 2024. Acceptable government policies and accelerated mainstream adoption by both men and women could see Bitcoin surpass $250,000. It will be the beginning of an even more parabolic rise.