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 days
Draper 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.
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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