While Bitcoin Marches Towards $20K, Tim Draper Says King Coin Will Rise by 1,400%

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The king cryptocurrency, Bitcoin, finally crossed the important $17,000 resistance level on December 5 and is currently marching towards $17,600. Due to the uncertainties surrounding the FTX collapse, the leading cryptocurrency fell to a yearly low of $15,700 in November 2022. The price of bitcoin has dropped nearly 74% since reaching an all-time high of almost $69,000 in November 2021.

Analysts and experts from the industry are now predicting how the cryptocurrency sector as a whole and Bitcoin would perform in 2023 as we near the end of the year 2022. In the wake of the FTX collapse, entrepreneur Tim Draper has once again predicted Bitcoin’s price. In a previous prediction, Draper stated that by the end of 2022, the price of Bitcoin would reach $250,000.

“I have extended my prediction by six months. $250k is still my number,” Draper wrote in an email to CNBC.

Bitcoin would need to rise in value from its current level of  $17,000 by nearly 1,400% for Draper’s prediction to come true.

Draper added, “I expect a flight to quality and decentralized crypto like Bitcoin, and for some of the weaker coins to become relics.”

Do Bitcoin Holders have a Neutral Stance?

The Global In/Out of the Money (GIOM) on-chain measure showed that BTC holders are neutral with 46.48% of addresses being in-the-money and showing profits, while 49.05% of addresses are out-of-the-money and display losses.

Source: Intotheblock

Additionally, an Area of Interest (AOI) is indicated by the closest green cluster, which has a mean value of $12633 and could support purchasers in a bullish reversal. On the other hand, a supply zone is highlighted by the red cluster, which has a mean value of $202530.