Bitcoin Can Hit $250K in 2020, Reaffirms Tim Draper as Dominance Rises

Bitcoin passed $7,200 a second time on Dec. 19 as previous bearish moves gave way to a return to higher levels.

At press time, the pair traded at around $7,100 after hitting highs of $7,345, marking 24-hour gains of almost 8%. Bitcoin 1-day price chart.

Zooming out, stalwart Bitcoin bulls showed no sign of revising their enthusiastic view of the coming year and beyond.

In an interview with crypto media network BlockTV, entrepreneur Tim Draper doubled down once again on his prediction that the Bitcoin price would pass $250,000 by 2022.

More than that, the serial investor and Tezos sponsor said the sky-high levels could appear as soon as the end of 2020 - just half a year after Bitcoin's block reward halving event in May. "If you run a technical analysis, it looks like it'll be something like six months after the halving that we will cross $250,000 per Bitcoin," he said.

Draper noted that at current levels, Bitcoin is "Where it should be" according to such technical analysis.

As Cointelegraph reported, the popular Stock-to-Flow model for Bitcoin price forecasting puts BTC/USD at an average $8,200 before the halving.

Altcoin markets meanwhile reacted favorably to Bitcoin's gains, with the top twenty by market cap awash with green on Thursday.

The overall cryptocurrency market cap was $190 billion, with Bitcoin's share at 68.3% - 0.6% higher than the day before.

In the past seven days, Bitcoin dominance has increased by over 2%.Keep track of top crypto markets in real time here.