Venture capitalist Tim Draper, famous for his bold long-term Bitcoin price forecasts, has reiterated his call for BTC to hit $250,000 in 2024. Draper cites growing mainstream adoption and receptive government policies as key catalysts that will propel Bitcoin...
Venture capitalist Tim Draper, famous for his bold long-term Bitcoin price forecasts, has reiterated his call for BTC to hit $250,000 in 2024. Draper cites growing mainstream adoption and receptive government policies as key catalysts that will propel Bitcoin to a quarter million dollars.
Keypoints
Tim Draper predicts Bitcoin will hit $250,000 in 2024, citing increased mainstream adoption like what happened in El Salvador Draper believes if Bitcoin hits $250,000, it will keep going much higher past that price Bitcoin price indicators like Bollinger Bands and RSI are pointing to a potential imminent short-term price move up Daily Bollinger Bands are narrowing similarly to how they did before previous BTC breakouts above $30,000 and $40,000 The 3-day MACD indicator poses a potential threat for negation if it sees a bearish trend flip in the next few daysDraper points to El Salvador�s pioneering move to make Bitcoin legal tender in 2021 as an example of the type of government reception that could ignite Bitcoin�s next massive bull run. He chastises the �fear and old thinking� in the U.S. that has prevented more widespread adoption so far. The VC asserts this is merely a delay, calling it the �fear delay� and �old government delay.�
In addition to receptive governmental policies, Draper believes Bitcoin will be buoyed by expanding use among women. He predicts a coming flood of women adopting Bitcoin wallets to make purchases, pushing BTC past the $250,000 milestone.
While the quarter million dollar target for 2024 remains intact, Draper speculates that if it is reached, Bitcoin�s price will continue rapidly appreciating well beyond that threshold. He explains, �I actually think that if it hits $250,000, it�ll go way past it.�
In tandem with Draper�s bold 2024 projection, key Bitcoin price metrics currently suggest an imminent short-term move is in the cards. Daily Bollinger Bands are constricting in a manner that has preceded fresh BTC breakouts during this year�s bull market. The relative strength index (RSI) momentum oscillator shows Bitcoin as oversold on daily timeframes after resetting from its month-to-date peak. This combination of indicators points to rangebound consolidation giving way to renewed volatility.
The one potential foil comes from the 3-day moving average convergence divergence (MACD), which is on the cusp of a bearish trend flip. But a few days remain for bulls to negate the signal and maintain the uptrend.
#Bitcoin 3-Day MACD currently crossing down
Next 3-Day candle closes in 3 days so 3 days to negate based on priced action
Cross was 100% accurate the whole year leading to lower and higher prices after
The last bull cross up occured around $27k which we updated at time https://t.co/wffcBEa2Y9
� Matthew Hyland (@MatthewHyland_) December 27, 2023
So while uncertainty persists around whether the next imminent move will be up or down, Draper remains steadfast that $250,000 will materialize in 2024. If receptive government policies and further mainstream adoption among both men and women accelerate, Bitcoin busting through a quarter million dollars could just be the start of an even more parabolic ascent.
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