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Tim Draper Predicts 1,400% Rally for Bitcoin by Mid-2023

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Mon, 5/12/2022 - 12:31
Tim Draper Predicts 1,400% Rally for Bitcoin by Mid-2023
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Tim Draper, a venture capitalist, has reiterated his stance regarding Bitcoin's price in the wake of the FTX collapse. Draper earlier predicted that the price of Bitcoin would reach $250,000 by the end of 2022.

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"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 from its present level of roughly $17,000 by nearly 1,400%. Bitcoin is currently down nearly 74% from its all-time high of nearly $69,000 attained in November 2021.

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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 Bitcoin might increase in value in the coming year of 2023. "I expect a flight to quality and decentralized crypto like Bitcoin, and for some of the weaker coins to become relics," he said.

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.

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However, if history is a guide, a seasonal cryptocurrency pattern might portend negativity for Bitcoin in December. Over the past decade, Bitcoin has always had a weak December following declines in November, according to Bloomberg data.

The pattern was seen in 2018, 2019 and 2021, leaving an average December drop of almost 11%.

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