Bitcoin was up 2.13% at $17,307
Tim Draper, a venture capitalist, has reiterated his stance regarding the price of bitcoin in the wake of the FTX collapse. Draper previously predicted that the price of bitcoin would reach $250,000 by the end of 2022.
“I have extended my prediction by six months. $250k is still my number,” Draper wrote in an email to CNBC. This would suggest a target of mid-2023 or, more precisely, June 2023.
For Draper’s prediction to come true, bitcoin would need to increase in value by approximately 1,400% from its current level of $17,000. Bitcoin is currently down about 74% from its all-time high of around $69,000 in November 2021.
Veteran investor Mark Mobius recently stated that Bitcoin prices could fall to $10,000 next year, a 40% decrease from current levels. Mobius Capital Partners’ co-founder accurately predicted the fall to $20,000 this year.
Nevertheless, Draper is certain that the coming year of 2023 could increase the value of bitcoin.
Bitcoin holding up
At the time of publication, Bitcoin was up 2.13% at $17,307. Willy Woo, a cryptocurrency analyst, attributes Bitcoin’s ability to remain above $16,000 despite significant deleveraging to the impact of long-term hodlers.
However, if history is any guide, a seasonal crypto pattern could show downside for bitcoin in December. Over the past decade, bitcoin has always had a weak December following a November decline, according to Bloomberg data.
The pattern was seen in 2018, 2019 and 2021, leaving an average December drop of almost 11%.
