Bitcoin, after seven weeks of repeated failed attempts, finally managed to move past the $21,000 price threshold.

According to tracking from Coingecko, at the time of this writing, the maiden crypto is trading at $21,392 after going up by 5% over the last 24 hours.

In doing so, Bitcoin also managed to increase its total market capitalization which now stands at $410.71 billion. This sudden surge also helped the overall valuation of the crypto market to increase by 5% since yesterday, settling at $1.11 trillion as of this writing.

Before this recent price pump, the cryptocurrency seemed to be headed towards a consolidation range from $19,000 to $20,000 as it slowly dumped its previous gains following its October 25 rally.

Billionaire Investor Believes Bitcoin Will Reach $250K By 2023

Tim Draper, a renowned venture capitalist in the crypto industry and also a huge backer of companies such as Tesla, SpaceX, Robinhood, and Skype among many others, expressed his confidence about the future of Bitcoin, saying it will hit $250,000 next year.

During his interviews back in April and June 2021 and in June 2022, Draper maintained the exact price prediction for the crypto asset which sadly, as of this time, hasn’t been able to come anywhere close that value.

Image: Finance Magnates

Still, the investors who correctly predicted BTC would move past $10,000 few years ago, remains upbeat about the crypto he calls as “protection against bad governance,” adding another six months from this year’s end for it to hit a quarter of a million per unit.

Draper also believes that women will play a vital role as retail investors for Bitcoin and thus will help in pushing its price to $250,000.

Furthermore, the billionaire claims that once retail spenders can use the crypto in a seamless and easy manner for transactions such as buying food, clothing or shelter, there will be no reason to hold on to fiat currencies and interest will shift to digital assets like Bitcoin.

Why Bitcoin Is Surging Once Again

Although BTC has been proven to initiate upswings following positive stimuli such as the rousing vote of confidence from Tim Draper, analysts think its current price pump has something to do with the latest U.S. labor report.

For the month of October, U.S. added 261,000 jobs – higher than the 205,000 estimates. Moreover, unemployment rate in the country surpassed the 3.5% projection as it reached 3.7%.

Before the release of this information, Bitcoin was threading on a downward trend and was expected to fall below the $20,000 marker once again.

Moreover, according to Jim Wyckoff of Kitco News, bulls still possess the technical advantage over the bears, giving the crypto enough room to prepare for another price rally such as this one.

BTCUSD pair trading at $21,370 on the weekly chart | Featured image from Cryptovibes.com, Chart: TradingView.com