ShapeShift CEO Erik Voorhees expects Bitcoin to move towards $40,000 in the summer, while Tim Draper sticks to his $250,000 forecast. Those are two rates that are quite far apart, but both are bullish given the macroeconomic conditions. Will Bitcoin be able to boom in the first half of 2023 if we might face a recession?
Voorhees’ prediction
Erik Voorhees was a guest on the Bankless podcast on January 2nd and there he was extremely optimistic about Bitcoin in the short term. “I wouldn’t be surprised if Bitcoin hits $40,000 before the summer,” said Voorhees. He further indicated that Bitcoin would reap a 250 percent return from its current price if his prediction comes true. Erik Voorhees does not find the idea that it may take 10 years for Bitcoin to recover.
“That would mean that Bitcoin has probably failed,” said a clear Erik Voorhees. Looking ahead, he says macroeconomic conditions, interest rates and further central bank monetary policies are big factors in how the market will behave next year. Furthermore, he admits that the reputation of crypto to outsiders is really dramatic at the moment, which will scare them about the next rally.
Tim Draper’s $250,000
Erik Voorhees’ superlative is of course Tim Draper with his $250,000 prediction. In a Twitter post on January 1, he reiterated his prediction of a Bitcoin price of $250,000. Originally, the prediction was that Bitcoin would reach that price in 2022, but of course that didn’t work out. Now Draper says Bitcoin will hit that rate at least before the halving.
The first time Draper predicted a price of $250,000 was during a speech at his own Draper University in San Mateo in April 2018. At the time, he looked into his “crystal ball” and “thought” of a Bitcoin price of $250,000 for 2022. The reactions to Draper’s message are not very optimistic. In that respect, it is clear that we are in a bear market.
