The last week was one of the worst weeks of the current crypto winter as all the big cryptocurrencies have experienced a rapid decline in their prices.
However, for the past several day Bitcoin (BTC) the world’s leading and most valuable cryptocurrency had shown stability in its price as Bitcoin retained its price slightly over the $17k resistance level.
But, on Wednesday 07 Dec 2022 at press time Bitcoin’s price suffered a decline of 1%.
Including Bitcoin, nine other cryptocurrencies also suffered from the price decline. As of this writing, Bitcoin is being traded at $16,806. Despite the decline in the price of Bitcoin, the current price shows 2% gain as compared to the past week.
After the fall of FTX till now the market has not heard a single piece of good news or has seen signs of recovery from Bitcoin.
This poor performance from Bitcoin has not only increased the selling pressure on buyers but the cryptocurrency market’s overall trade volume also got squeezed.
But Investors and Analysts Are Hopeful That Bitcoin (BTC) Will Bounce Back
Despite the current signs of trouble, crypto investors and market analysts are optimistic about Bitcoin’s recovery. A relatively higher number of crypto investors, traders, and analysts are arguing about the fact that Bitcoin has already touched its rock bottom for the year 2022.
Bitcoin (BTC) will not fall below the $16k mark. Moreover, some of investors have also hinted that now is not the right time to invest in Bitcoin because the end of 2022 is near and by the start of the first week of the New Year Bitcoin prices will bounce back rapidly.
Investors are also optimistic about the fact that in the year 2023, Bitcoin is bound to cross its all-time high price, which was $69,044.
On the other hand, Ethereum also plunged, a similar pattern was followed by DOGE, ADA, Terra, and Polka dot.
Draper is Hopeful for Bitcoin Bounce Back
In the most recent claims Tim Draper, a vocal supporter of Bitcoin and a famous price analyst has said that Bitcoin will eventually cross the price mark of $250,000 next year.
He is hopeful that after the midway of 2023 the industry will once more face the rampant surge.
During his recent interview held by CNBC Tim explained “the speed of Bitcoin the world’s most expensive cryptocurrency and some other top altcoins’ recover will be skyrocketing.”
The current bearish trends which are now shaping up the industry will have no hold over cryptocurrencies beyond 2022.
Hence, now is not the right time for investors to think about investing in Bitcoin. Investors need to patiently wait for the beginning of 2023 Tim Draper further added.
Draper himself owns one of the biggest digital assets portfolios across the whole industry and is regarded as one of the most influential crypto investors and analysts.
Draper has been optimistic about Bitcoin since the FTX collapse begin and in recent days he has further emphasized his future prediction about Bitcoin.
Cathie Wood another Prominent Bitcoin Investor Favored Bitcoin
Another renowned Bitcoin investor Cathy Wood on Wednesday argued that the market will soon see a rapid shift with bulls running over the bears.
She argued that this bullish movement will be led by Bitcoin as Bitcoin is slowly showing resistance against the current bearish trend and soon will free itself from the market bears.
It is important to understand that Draper and Wood are not the only investors who have attached high hopes for Bitcoin.
Mike Novogratz of Galaxy Digital is another renowned name who has suggested that in the coming 3 to years the price of Bitcoin (BTC) will touch the $500,000 mark.
In current times when cryptocurrencies are being based around the corners and bears are running over bulls, the recent optimism about the cryptocurrency prices will help investors to once trust the market and inject their money into the market.