Tim Draper Is Positive about a $250K Bitcoin Price Projection in the Coming Year

According to Tim Draper, the failure of the FTX crypto exchange is not concerned with the success of Bitcoin since the digital asset is decentralized whereas FTX is not. Despite recent challenges in the cryptocurrency market, the billionaire venture capitalist and blockchain investor is sticking to his short-term Bitcoin predictions.

Despite the continuing crypto challenges fuelled by FTX, Draper is hopeful that Bitcoin will rise to $250,000 in 2023. He initially made his well-known BTC prediction in 2018, projecting that the coin will strike $250,000 by the end of this year or early next year, as previously reported by Cointelegraph.

Key Bitcoin Levels To Watch – November 17

Bitcoin has fallen precipitously since March. It was trading at $48,000; since then, there has not been a significant upward rally. BTC is heading to a major support level at $12900. There has been a recent break of structure downwards. The daily candles are also below the Moving Average (MA) indicating bearishness in price action.

The RSI (relative strength index) indicates the price is in an oversold region since price action is Bearish this entailed a retracement to the FvG (fair value gap) before making a decline heading towards the significant resistance.

BTC Key Levels

Resistance level: $32000,$25000
Support level:$15000,$13000

Total Market Capitalization: $347.43B
Bitcoin Coin Market Capitalization:$317.80B
Bitcoin Volume: $35.28B
Market rank:1

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