• Bitcoin price has remained flat in the past 24 hours, with a current price of $16,796 and a 1% increase in a week.
• Tim Draper believes that Bitcoin could reach a price target of $250,000 by the middle of 2021.
• Technical indicators suggest that a rebound is overdue, with the relative strength index languishing below 50 and the 30-day moving average below the 200-day.

The world of cryptocurrency has been in a state of stagnation as of late, with Bitcoin stuck at its current price of $16,796 for the past 24 hours. This 1% increase in a week is certainly welcome news, but it’s a far cry from the all-time high of $69,044 set back in November 2021. The past months have seen Bitcoin take a 75% hit, leaving many industry experts wondering when the world’s first cryptocurrency will experience a much-needed rebound.

Tim Draper is one of these experts, with the long-term bull forecasting that Bitcoin will reach a price target of $250,000 by the middle of 2021. He believes that this rally is yet to be aided by institutional investment and adoption, and that once these factors come into play, Bitcoin could well reach his ambitious target.

Technical indicators also suggest that a rebound is overdue for Bitcoin. Its relative strength index (purple) has languished below 50 since early November, while its 30-day moving average (red) has remained well below its 200-day (blue) since the start of last year.

Despite the optimism of some, there are those who believe that Bitcoin will experience a few more falls before it sees light at the end of the tunnel. Analyst Clem Chambers is one such figure, with his forecasts suggesting that BTC will bottom out at $13,000.

It remains to be seen which of these forecasts will be accurate, but one thing is certain: the future of Bitcoin is highly unpredictable. With institutional investment and adoption on the way, the cryptocurrency market could well be on the brink of a major shift. For now, we can only wait and see what the future holds for the world’s first cryptocurrency.