Optimism is currently a word forgotten from Bitcoin‘s dictionary!
Since November, the largest digital asset has faced substantial volatility in the market, and it is fair to say, the altcoin market cap was equally affected as well. Ethereum registered a drop of over 8 percent on 17th December, causing the 2nd largest crypto to shed its entire gains of 2019.
However, a certain crypto proponent remained unfazed by the current price fluctuations.
In a recent interview with BlockTV, Tim Draper indicated that the current bearish sentiment attached to Bitcoin did not raise his personal levels of anxiety as he believed BTC is still on the right path.
Draper stated that if a proper technical analysis is drawn, Bitcoin’s price following the halving may cross $250,000, 6 to 12 months after the event. Such an exuberant prediction remains extremely optimistic but Draper believed it was just a matter of time before Bitcoin reaches such an enormous figure.
The venture capitalist believed by the end of 2022, customer adoption with Bitcoin will drastically improve with increasing participation from women investors. He said,
“Woman do about 75-80% of the retail business in terms of shopping, and only 1 out of every 15 BTC wallets are held by a woman. Once they realized that they are wasting 2.5-4 percent everytime they swipe their credit cards, they will definitely start to look for a better solution.”
Although Draper’s prediction is still a long way from being reality, recent data suggested that a buying opportunity for Bitcoin was in place in the current market.
As reported previously, Bitcoin’s Fear and Greed Index has been extremely bearish over the past few days, with the metric suggesting an “Extreme Fear” sentiment. However, according to the index, Extreme Fear sentiment indicates a prominent buying opportunity, which certain investors could capitalize on over the next few weeks.
Moreover, Bitcoin’s volatility over time also spiked rapidly in the last 48 hours, indicating a period of turbulence. At press time, Bitcoin’s price was at $7203 with a 0.39 percent hike in the past day.