It has been a bruising year for the cryptocurrency market. Investors witnessed several devastating industry failures in addition to declining prices. Nevertheless, some experts believe, BTC will recover to eventually hit $250,000 per coin.
Venture capitalist Tim Draper is sure that bitcoin has a chance to rally nearly 1,400% from its current price which is set at around $17,000 per coin. Draper has made a name for himself as a successful crypto trader.
He previously predicted the major cryptocurrency to reach $250,000 by the end of 2022. However, his predictions made during the Web Summit tech conference in Lisbon were wrong. He expects the coin price comeback to materialize during 2023.
It seems to be a tough challenge for the asset taking into account its current price of around $17,000 per coin. What’s more, BTC plunged over 60% since the beginning of 2022. It reserves a few chances for the currency to recover, especially considering several crucial industry failures (FTX collapse) that influenced the asset price in a negative way keeping investors cautious.
The digital currency market is facing tough times. On the one hand, the sector experiences tightening monetary policy. On the other hand, we have a chain of negative impacts after some leading industry firms filed for bankruptcy. They include not only FTX but also Terra and Celsius. This fact has definitely put the coin price under pressure.
Oppositely, other experts believe the BTC price will drop even more. Market veterans and trusted investors are sure it will crash to $10,000 per coin in 2023. Nevertheless, investors keep positive believing the price will rise.
“The dam is about to break”, says Draper. The asset has great potential including a massive untapped demography. It appears that only 1 in 7 women use Bitcoin wallets. That can be a game-changing factor, as women control around 80% of retail spending.
The problem of gender disparity in the crypto market is about to be solved. This fact will open new horizons for cryptocurrency. However, using crypto for daily costs and spending is still a challenge. The price keeps moving, the market is extremely volatile, and some regions still limit the crypto turnover.
The good decision here is to keep the portfolio well-diversified and never rely on a single asset. Investors should keep patience, especially in the long-term perspective. If the forecasts are correct, profits can be overwhelming.