Bitcoin Price Analysis: Tim Draper affirms $250,000 prediction for BTC/USD by 2022

Bitcoin price is trading 1.15% lower on the day after adjusting from $7,789 (opening value). The trend is bearish while its volatility is expanding. BTC/USD is dancing at $7,683, although it has touched $7,795 (intraday high) to the upside.

Bitcoin evangelist and venture capitalist Tim Draper has doubled down on his $250,000 per BTC prediction by the end of 2022. This is a prediction Draper made in 2018 and while speaking at Virtual Blockchain Week he affirmed:

That's my prediction. Sticking with it. I'm very confident that that is going to happen. That’s happening. It's kind of funny.

Draper highlights the massive printing of the dollar in the United States in the name of ‘Coronavirus stimulus package’ as the main factor behind his price prediction. The value of the US dollar is likely to go down and this will “send people to crypto.”

Bitcoin price technical picture

Bitcoin recovery has not been able to hit $8,000, however, it has come close enough, testing $7,900. Still, on the upside, the 200-day SMA is standing in the way upward movements at $8,000. The MACD has crossed into the positive region doubling down on the growing influence of the bulls over the price especially with positive divergence in place. Support is likely at $7,600 and $7,200 in the event of a reversal from current price levels. An ascending trendline is also in place to offer support.

BTC/USD daily chart