At the time of writing, the trading price of Bitcoin is trading at a low of $16,517 have experienced a 2.66% dip in the past 24 hours.
Due to the recent price action of BTC, the investors are very concerned and unhappy. They want to see a recovery in Bitcoin’s trading price but things just keep coming up against its journey to recovery.
BTC’s Early November Performance
The performance of BTC in early November or a couple of weeks back was quite remarkable. The largest cryptocurrency asset was on the right track to hit the $25k mark for the first time in several months.
Unfortunately, fate had something else planned for Bitcoin in the form of FTX. Due to the crash of the FTX exchange, the entire cryptocurrency industry fell into one hell of a situation.
Even now, the cryptocurrency market is facing turmoil and there is no hope for recovery.
Analysts Altered 2023 Predictions
Due to the unplanned crash of the FTX exchange, the entire cryptocurrency industry has dealt with a low blow. As per many analysts, the crypto industry will take a while to recover from the disaster.
As a result of the recent events and the major crypto market crash, almost every analyst had changed their predictions about BTC in 2023.
Most of the analysts had made positive predictions about the trading price of BTC in 2023. Due to the unfortunate events, all the predictions have been changed and none of the investors seem optimistic.
Prediction by Tim Draper
Amidst all the “not so” positive price predictions, Tim Draper has stated that he still stands by his claim. Just a few months back, Tim Draper was asked what he thinks about the price of BTC in 2023.
At that time, Tim Draper predicted that, the trading price of BTC would experience a massive upsurge. He predicted that Bitcoin’s trading price would surge to a high of $250,000 in 2023.
Tim Draper is a billionaire venture capitalist, who has also earned quite a recognition in the crypto world for being a crypto proponent. He is also known for being a serial blockchain investor.
Draper’s Argument
Draper stated that he knows what has happened to the FTX exchange but he still backs his prediction. He added that Bitcoin is not affected by the FTX exchange incident at the least.
He argued that the FTX exchange was a centralized entity within the crypto-verse while Bitcoin exists as a decentralized entity. There is no comparison between the two when it comes to adoption.
He stated that Bitcoin is not run by a single individual or entity but by all validators and investors. Therefore, it will never go down like the FTX exchange or the Terra network.
Bitcoin has been building up its reputation in the mainstream market and more institutes are realizing its significance. Therefore, Bitcoin’s adoption would continue rising, proving that his prediction was right.