Tim Draper’s prediction on bitcoin by 2023 is the most optimistic. By the end of 2022, Draper said that the token would be worth $250.000. He even extended his optimistic view that bitcoin will create another milestone by mid of 2023. e’s fully sure about it although FTX collapsed. Draper told the media that women control 80% of retail spending. They have at least one in seven bitcoin wallets so the dam is about to break.
But in order to see this assumption, bitcoin should at least rally 1.400% to trade at that level. Even though the prices depressed plus the trading volume is drying up, Draper could still find the reason for the market to go on. Thus he made a remark that in 2024, there would be a positive result in the halving. Halving happens every four years, where bitcoin halves rewards to miners. Inventors find it positive as it can squeeze supply. The next halving would be in 2024. So, miners using power-intensive machines to mint new tokens and verify transactions faced the slump in prices and the rise of energy cost.
This could trigger massive piles of digital currency. Therefore, it could create the biggest sellers in the market. In addition, miners offload their holdings in order to pay debt. This could remove the rest of bitcoin selling pressure. Vijay Ayyar, crypto exchange Luno’s vice president of corporate development said that it is historically a good sign for bitcoin. In the media, Ayyar said that miner capitulation has often signified major bottoms during the down markets. Plus, he added that their cost to produce is greater than bitcoin’s value. So many miners could either switch off their machines or need to sell more bitcoin to go on with their business.