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Bitcoin At $40K By Summer? ShapeShift CEO Thinks It’s Possible Even As Tim Draper Sticks To Bigger Estimate

Erik Voorhees, the founder and CEO of the popular cryptocurrency exchange ShapeShift, expressed optimism about a potential resurgence of Bitcoin’s (CRYPTO: BTC) price during a Bankless interview on Jan. 2. 

What Happened: Voorhees predicted that Bitcoin could reach as high as “$40K” by summertime and stated, “I wouldn't be surprised.”

Voorhees predicted that the BTC price could rise to around $41,666 within the next 6 to 36 months – a whopping 2.5x return on its current price of $16,666. He stressed that this is a great return if his prediction were to come true, adding that if it takes up to 10 years  to reach $40,000 level then it would mean the whole “thing […] probably failed.”

See More: Best Crypto Day Trading Strategies

As the crypto market continues to evolve, the macro environment, interest rates, and the tightening of monetary conditions will shape how the space looks this year. Many critics remain unconvinced of the technology's potential, labeling it as "just trash". However, according to Voorhees, these same observers are likely to be "blindsided" by the magnitude of the next rally.

Billionaire Bitcoin investor Tim Draper has also doubled down on his $250,000 Bitcoin prediction, recently taking to Twitter to show off a t-shirt with his bold prediction printed clearly on the front

In a post on Twitter, Draper admitted that his prediction of the Bitcoin price reaching $250,000 by 2022 may have been “off by a bit." Nevertheless, he insisted that it will certainly happen prior to the Bitcoin halving scheduled for April 2024.

Price Action: BTC was trading at $16,677, up 0.56% in the past 24 hours, according to Benzinga Pro data.

Read Next: Bitcoin, Ethereum, Dogecoin Trade Higher — Why This Analyst Is Calling A Bull Market As 2023 Unfolds

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