The Rising Bull: Bitcoin Surges with Media Support and $250,000 Predictions

Bitcoin’s Media Makeover

On December 20th, Bitcoin (BTC) received an unexpected boost from mainstream media, particularly from a segment on CNBC’s Fast Money. It’s like finding a hidden gem in a thrift store, or in this case, a bullish Bitcoin forecast amidst a sea of wallet-emptying news. During this episode, a band of Bitcoin enthusiasts gathered to discuss its future, suggesting a possible climb to $250,000.

The Heavyweights Weigh In

Analysts Brian Kelly and Tom Lee teamed up to showcase a rather optimistic outlook on Bitcoin. Kelly took a moment to channel his inner finance guru by touching on Tim Draper’s bold prediction that BTC/USD could reach that coveted $250,000 mark by next year. He explained that this optimistic target isn’t just wishful thinking, but rather aligns with Bitcoin’s price channel that stretches all the way back to 2013.

• The Price Channel: Kelly mapped it out: “If Bitcoin just stayed in this pattern…the top of that channel’s around $200,000-$250,000.”

Bitcoin vs. Gold: The Ultimate Showdown

Should Bitcoin reach these lofty heights, it would possess a market cap of around $4.5 trillion— about half of the total gold market. Talk about a heavyweight bout! In typical sports drama fashion, Kelly noted that Draper shares the belief that Bitcoin is not just a player in the game but is indeed set to steal some market share from gold. Move over shiny metal, there’s a new kid in town!

A Change in Media Tone

While the predictions themselves may not be groundbreaking, CNBC’s newfound bullish attitude is especially notable considering the recent media climate surrounding cryptos. It’s been a sobering few weeks as mainstream reporting frequently droned on about Bitcoin’s price declines, leaving the festive holiday spirit dampened. The New York Post even exclaimed that Bitcoin was “collapsing during the holiday season.” Talk about a party pooper!

Optimism in the Shadows

Despite the media chatter, Bitcoin is showing signs of life. Searching for Bitcoin surged recently, especially with interest surrounding its May 2020 halving event. Many are recalling similar sentiments from 2018, hoping for a turnaround. Not to sound too cryptic (pun intended), but various indicators suggest that BTC/USD could be on the cusp of a bullish revival, mirroring historical trends. It’s like history repeating itself, but in a way that could potentially fill your pockets!