Bitcoin (BTC/USD) broke free from a narrow, short-term range on the weekend; however, $4,000 remains unconquered so far. This barrier stopped Bitcoin’s recovery and forced another period of consolidation upon the market. While short-term bulls struggle to get things going again, long-term cryptocurrency investors keep calm and stick to optimistic forecasts within the 3-5 year horizon.
A single Bitcoin will go for $250,000 by 2022 or 2023, according to Tim Draper, a prominent venture capitalist Tim Draper. It means that the total cryptocurrency market capitalization will reach $5 trillion, which is about 5% of the global economy.
Mr. Draper shared his views in the interview with a media outlet Forklog. Answering the question about the next bull run on the cryptocurrency market, he said that the upcoming trend might be less impressive than in 2017, but more stable and long-standing. He explained that the cryptocurrency becomes a part of people’s commercial life.
Tim Draper is sure that Bitcoin’s price is dictated primarily by the market, though banks and other interested parties make attempts to apply manipulative tactics to push Bitcoin’s price down.
Considering certain fundamental factors and the development of new payment products and solutions like Lightning Network и OpenNode that make it easy to purchase goods and services with Bitcoins, it might be wise to buy the cryptocurrency at current levels, before it starts growing again, the expert added.