KEY POINTS

  • Tim Draper predicts Bitcoin to hit $250,000 in 2020
  • Draper points to technical analysis to forecast Bitcoin going up six to twelve months after the halving
  • Women will drive Bitcoin adoption in the future

Every time a Bitcoin (BTC) halving occurs, it's been observed that prices skyrocket several months after the event takes place. That is precisely what Tim Draper is banking on for his new bold prediction for the most popular crypto.

Just last month, the billionaire venture capitalist, via a video call, spoke at the Malta AI & Blockchain Summit. He offered his audacious predictions for where Bitcoin's price is heading in the future. He believed that a price of $250,000 for one BTC is attainable by 2023 -- now, he thinks that's possible by 2020.

Speaking at the BlockTV, Draper expressed his renewed forecast, and his timeline for when Bitcoin will hit $250,000 is just six to twelve months after the halving in May. The Tezos (XTZ) backer also enumerated the catalysts for this yet-to-be-seen big bull move next year, and most of them he named in the past.

Tipping the hat to Technical Analysis

Draper doesn't turn to a model like the stock to flow, but instead turns to technical analysis for his prediction: "It will look like something like six months to a year after the "halvening" that we will cross $250,0000 for Bitcoin. [...] the technicals analysis evaluates Bitcoin, and they say it should be in the $7,500 range in this period."

However, Draper admitted that he is not up to speed with what technical analysts are saying. 

Draper also believes that another catalyst for higher Bitcoin prices is wider adoption, which, in his projection last month, was going to be streamlined by Lightning Network (LN) and OpenNode even more. Apart from that, Draper thinks women will ultimately lead the pack, and its because a lot of them get frustrated by the transactional fees they incur after using their credit cards.

"I think the flood gates are about to open because it turns out that women do about 75-80 percent of the shopping and only 1 out of 15 Bitcoin wallets is held by a woman. So once women realize they are wasting 2.5-4 percent every time they swipe their credit card they will definitely be starting to look for a better solution."
bitcoin What's next for bitcoin? Photo: GETTY IMAGES.