Thursday, October 6

Bitcoin holds support: will it last?

The cryptocurrency with the largest market capitalization, however, started the weekend with a low of $ 50,700, after touching $ 51,515.6, its highest level since December 7. Meanwhile, Ethereum is still above $ 4,000.

After four days of rising Bitcoin, the correction suffered in recent weeks could be over, say experts who They point out that you have to be bullish once Bitcoin breaks the barrier of $ 50,500.

Markets cryptocurrencies They were extremely volatile in 2021, with Bitcoin falling approximately 56% between April and June and then reaching its all-time high in November, then to go down again due to concerns about Ómicron, among other factors.

But nevertheless, 2021 was a historic year for cryptocurrencies, generally, “with the ‘blockchain’ space attracting a significant amount of capital thanks to the launch of exchange-traded funds (ETFs) and increased awareness among investors“said analyst Naeem Aslam.

The year has been another great season for the crypto market, as the price of bitcoin (BTC) has nearly doubled so far this year and the total cryptocurrency market capitalization has risen from just over $ 750 billion. to almost 3 trillion dollars.

Bitcoin price predictions for 2022

Although this year has by no means been an easy road for bitcoin holders, with strong rallies and deep corrections throughout the months, all commentators were optimistic about its price for next year.

“My prediction is that it will remain volatile, however the long-term trend will point upward and double in terms of total market capitalization per year on average,” Kjetil Hove Pettersen, CEO of the Norwegian Bitcoin miner, as quoted Kryptovault said, adding: “I expect a strong increase in the short term, in 2022 we can see US $ 140k or more.”

However, Pettersen also stressed that it is “impossible to predict precisely” where the price might go, and that technical analysis will not necessarily work when external factors come into play.

“[…] There are so many external factors and influences at play that make implementation difficult [análisis técnico] traditional or historical comparisons, ”said the Bitcoin miner.

Meanwhile, Bernardo Schucman, senior vice president of the digital currency division of Bitcoin miner CleanSpark, was also bullish on the number one cryptocurrency over the next year.

“I believe in 250K US $ per BTC at the end of 2022 based on the large number of Bitcoin mining companies that were founded in the United States in 2021,” predicted Schucman.

He added that these new miners are not only increasing the hashrate or computational power of the Bitcoin network, but they are also “strong holders of the asset.”

“The last, but very important, key factor in maximizing the BTC price surge will be greater adoption of the use of BTC wallets implemented on social media, such as Twitter,” Schucman said, noting that Bitcoin’s Lightning Network will offer “a huge boost for mass adoption of BTC.”

The most optimistic among the experts we spoke to about the year ahead was Julian Liniger, CEO of the Swiss-based bitcoin broker Relai, who said that we could be about to see BTC adoption taken to a whole new level in 2022.

“Individuals, businesses, and now even countries are starting to adopt bitcoin more and more and fiat currency inflation is on the rise,” Liniger told He added that daily price changes in bitcoin “went from hundreds to thousands to tens of thousands, and will end in hundreds of thousands of dollars in 2022.”

And if the CEO of Relai’a is right, next year will look extremely bullish for the number one cryptocurrency:

“I think 2022 will be the year that bitcoin reaches $ 500,000,” Liniger estimated.

Others were also optimistic about the year ahead, though less so than the extremely optimistic call from Relai’s CEO.

As popular independent bitcoin chain and technical analyst Matthew Hyland predicted in early November, bitcoin could hit $ 250,000 by January 2022, although this would require a large and rapid rise from where the cryptocurrency is now.

Hyland justified his high price target by saying that we have yet to see euphoria like we saw in 2017 in the current market cycle, and explained that this should be seen in “the final part of a bubble.”

“I predict that the euphoria will begin when bitcoin surpasses $ 100,000,” Hyland wrote on Twitter just before the market began to correct lower in late November.

Lastly, Simon Peters, a crypto analyst at crypto and currency trading platform eToro, did not provide a firm price target, but said that bitcoin’s price generally revolves around the block’s reward halving. every four years.

“We saw a bull market in 2013, 2017 and we are seeing it now in 2021. However, where we saw parabolic price increases towards the end of the 2013 and 2017 bull markets, we have not seen it this year yet, suggesting that there could be more price increases before we hit the maximum, ”said the analyst.

Ethereum Price Predictions for 2022 Like bitcoin, Ethereum has also had a good dose of optimism in 2021.

However, the second most valuable cryptoasset is known to be more volatile than bitcoin, and according to some of the analysts we spoke to, it is also more difficult to predict. As such, fewer commenters were willing to give firm price targets on ETH.

“I dare not speculate” where the price of ethereum will go in 2022, said Kjetil Hove Pettersen of Kryptovault, while emphasizing that it will likely be “even more volatile than bitcoin.”

“It may outperform bitcoin, but there is also much more associated risk, as with every altcoin,” said the CEO of Kryptovault.

On a similar note, eToro cryptanalyst Simon Peters said that ETH could see higher prices due to a combination of higher demand and lower supply, although he was unwilling to offer a firm target.

Demand from both institutions and retail investors looking for alternative investments, combined with a “decrease in supply and a slowdown in the entry into circulation of new ETH” due to EIP-1559 could lead to “a potential price increase” for ETH, the analyst said.

He added that more of the existing ETH supply is now locked into participation contracts. This is in addition to supply that is already locked in decentralized finance applications (DeFi) and a declining supply of ETH on exchanges, the analyst explained.

Among those who dared to offer a more specific target was CleanSpark’s Bernardo Schucman, who predicted that growth in DeFi and a general trend toward greater tokenization would push the asset to new highs in 2022.

ETH “will move towards US $ 20K due to the large number of new tokenization and DeFi projects that are catching on in the ecosystem,” Schucman said.

Lastly, Bloomberg senior commodities strategist Mike McGlone also has a rather vague prediction for ETH, saying in a November cryptocurrency market report that it “looks headed for $ 5,000, with support at around $ 4,000. “, although with an unspecified term.

Last month’s prediction follows the analyst’s bullish comments on the September crypto outlook, where he said ETH is “gaining traction” amid “declining supply” and increasing demand.