The crypto market began the week on a positive note as Bitcoin, the leading cryptocurrency, reached its new highs for 2023. On March 14, the flagship currency hit $26,000 before experiencing a downturn. As of now, Bitcoin is trading at $24,591 after losing 1.31% over the last 24 hours.
Binance’s $1 Billion Fund Conversion
The main reason for Bitcoin’s significant surge is Binance’s announcement of plans to convert its $1 billion fund into Bitcoin. However, this price action has received varied comments from industry experts. Veteran analyst Peter Brandt tweeted that he was not surprised after Bitcoin was rejected around the $26K level.
A Parabolic Rally for Bitcoin Price
On the other hand, fellow crypto analyst Tim Draper believes that Bitcoin is on the verge of massive gains. The billionaire venture capitalist predicts that BTC will experience a parabolic rally that will push its value towards more than a 900% gain in the next two years.
Draper had previously forecasted that Bitcoin would hit a target of $250,000 within the next six months back in December 2022, following FTX’s collapse.
Investing in Centralized Firms Will Lead to Disaster: Draper
Draper emphasizes the importance of learning from FTX’s collapse, stating that investors should be smart enough to avoid centralized firms as investments, unless it’s XRP or ETH. He believes that decentralized digital assets, such as Bitcoin, are the way to go. He also asserts that even if Bitcoin fails to hit his target by June 2023, the currency will still reach the said target by the end of 2024.
Overall, Bitcoin’s recent price movements have generated a range of opinions from industry experts, with some predicting massive gains ahead while others remain cautious.