The challenged $1.3 trillion value of crypto marked the biggest downturn in the crypto world. Bitcoin for instance, the largest digital coin fell by more than 60%. This is not all macroeconomics has been worsening since last year. Then, investors encountered perennial collapses in the stablecoin industry project like terraUSD to crypto exchange FTX. According to CNBC, predictions made last year about bitcoin’s value have missed the guess. Projecting 2023, market players are watching the price calls and being aware of another volatile year.
Apparently, the increasing interest rate around the world impacted the assets, risking both stocks and bitcoin. Investors keep following up the FTX as the founder Sam Bankman-Fried was jailed in the Bahamas. Thus, the media sums up the predictions on bitcoin’s boldest price calls in 2023. Tim Draper for instance, as one of the most optimistic, predicted the token in 2022 would be $250.000. The venture capitalist even predicted that the coin would hit the quarter-of-a-million milestone in mid-2023. He’s fully sure about it although FTX collapsed. Draper told the media that women control 80% of retail spending. They have at least one in seven bitcoin wallets so the dam is about to break.
But in order to see this assumption, bitcoin should at least rally 1.400% to trade at that level. Even though the prices depressed plus the trading volume is drying up, Draper could still find the reason for the market to go on. Thus he made a remark that in 2024, there would be a positive result in the halving. Halving happens every four years, where bitcoin halves rewards to miners. Inventors find it positive as it can squeeze supply. The next halving would be in 2024.