Happy Birthday Bitcoin! Analyst Predict BTC Price To Surge 2.5x By June

It was on this day 14 years ago that Bitcoin was created. The anonymous software developer(s) – identified only by the alias Satoshi Nakamoto – mined the first block of the Bitcoin network on January 3, 2009. This block is referred to as the Genesis block. 

There is no doubt that Bitcoin has come a long way since that day. However, despite the grim outlook of the market as 2023 begins, Erik Voorhees, the founder, and CEO of cryptocurrency exchange ShapeShift believes that Bitcoin will hit $40,000 by summer. Voorhees shared this prediction in a recent interview on January 2nd.

Voorhees pointed out that if his forecast were to come true, it would be a 2.5X increase from its current price of $16,748, which he said is a very good return on investment. The cryptocurrency industry expert was unable to provide a specific date for the next bull run, but he said it will occur anytime between the next three years and six months.

The cryptocurrency company founder speculated that the macro environment, interest rates, and the gradual tightening of monetary circumstances will play significant roles in determining how the crypto market will develop during the course of this year. 

He also admitted that the reputation that cryptocurrency has among people who are not involved in the industry is completely baseless, but he predicted that such pundits will be caught off guard when the next surge occurs. The crypto pioneer said that regardless of whether or not the market is bullish or bearish, the current era is one of revolution.

Tim Draper’s Prediction For Bitcoin

Tim Draper, a Bitcoin bull, has made one of the more bullish forecasts for 2022, predicting that Bitcoin will be worth $250,000 by the end of that year. Despite the closure of the FTX exchange, Draper is certain that the value of Bitcoin will reach this quarter-million mark.

According to an email from Draper, he believes that the dam is about to burst since women control 80% of retail buying, yet only have 1 in 7 Bitcoin wallets at the moment. In order for Bitcoin to reach this value, it would need to increase in value by 1,400%. Draper also mentioned that a bottom may have been reached in the market, despite the low prices and falling trading volume.

At the time of writing, BTC is worth $16,759, an increase of 0.22% in the past 24 hours. It remains to be seen which of these forecasts will be accurate as the year continues to progress.