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- ShapeShift CEO Erik Voorhees predicted that BTC would hit $40k by June 2023.
- Tim Draper sticks to his prediction of $250,000 BTC before the next halving.
- The current rate is 75.66%, down from its all-time high.
When Bitcoin hit $68,789.63 in 2021, everyone was excited, and some even predicted a better run for the market in 2022. But all the projections went horribly wrong as the coin dropped by roughly 60% last year. As the new year arrived, ShapeShift CEO Erik Voorhees feels BTC might hit the $40,000 mark this summer, currently trading at $16,716.48.
Looking at the yearly patterns of the crypto’s leading currency, it has been down every third year after two consecutive profitable years. So if history repeats itself, maybe in 2023, BTC can have a rally. However, looking at the current situations regarding upcoming regulations, ongoing crypto winter, FTX collapse, etc., it is skeptical.
In past weeks crypto analysts, trade pundits, and billionaire investors have all been portraying different takes on BTC price projections in 2023. Among them is ShapeShift CEO Erik Voorhees, who had predicted that Bitcoin would hit the $40,000 mark by the summer of 2023. At the same time, billionaire Tim Draper feels positive regarding the $250,000 BTC prediction this year.
BTC $40k: Erik Voorhees
In an interview on January 2, 2023, Erik, founder and CEO of ShapeShit, seemed very optimistic regarding the recovery of BTC’s price. And if his prediction were to be true, he added that it would be 2.5X from its current price and would be a great run.
However, he was unsure regarding the timeline for the said bull run but was affirmative that it could come within the next six months to three years. When asked, what if the idea was to take 10 years to complete, he said that in that case, the “whole thing … probably failed.”
Tightening monetary conditions, the macro environment and interest rates will play a major role in defining the run of the crypto market this year. Acknowledging that the image of crypto for the general population is not better than trash, they could also be rethinking their approach post this proposed bull run.
Erik further added that in a bull or bear market, “we are in the middle of a revolution right now.”
Voorhees said that whether we are in a bull or bear market, we are “in the middle of a revolution right now.”
BTC $250k by April 2024: Tim Draper
At the same time, Billionaire BTC investor Tim Draper even made a t-shirt announcing on Twitter his previous saying of BTC to hit $250,000 before the next halving, apparently scheduled in March 2024.
During his speech at Draper University in San Mateo in April 2018, Tim talked about his bold predictions of Bitcoin hitting the $250,000 mark.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
