Bitcoin’s price is extremely difficult to predict and even more susceptible to market factors than more established asset classes. But we decided to ask some experts for their best guesses for 2022 anyway.
It’s been a brutal first half of 2022 for crypto, as well as the stock market. Investors have turned away from risky assets in a time of a slowing economy, higher inflation, and rising interest rates. Given that Wall Street is in a bear market and experts expect it to last for a few more months, bitcoin could make its way back up to $28,000 by the end of the year, according to an analysis from Deutsche Bank. Meanwhile, a 53-expert panel reported by Finder expects bitcoin’s price to reach at least $25,000 by the end of 2022.
But one expert isn’t convinced bitcoin has hit its lowest price of this year yet. Crypto market analyst Wendy O expects bitcoin to drop as low as $10,000 since it has a history of correcting as much as 85% in past bear markets. The largest crypto hit an all-time high in November 2021 at roughly $68,000, so an 85% correction would lead it to around $10,000, says O.
However, it’s not going to be a straight shot down. According to O’s technical analysis, bitcoin has several resistance levels, so we’ll likely see a volatile reversal upward before bitcoin completely bottoms out this year.
Crypto experts say bitcoin can still climb to $100,000 or more like many experts predicted late last year — just on a slower timeline.
“What I expect from Bitcoin is volatility [in the] short-term and growth [in the] long-term,” says Kiana Danial, founder of Invest Diva and author of “Cryptocurrency Investing For Dummies.”
Investors should expect a “pretty sustainable” rise in Bitcoin’s long-term value driven by organic market movement, with the $100,000 threshold by 2025, according to Timmer. “I remain bullish on Bitcoin as an aspiring store of value in a world of ongoing financial repression,” he says.
Bloomberg commodity strategist Mike McGlone expects the price of Bitcoin could still hit $100,000 by 2025 once the bear market subsides and crypto prices recover again. A panel made up of more than 50 crypto experts by Finder also expects bitcoin to reach at least $100,000 by 2025.
“It’s just a question of time. That’s purely measuring, supply by code is going down, demand and adoption are going up,” McGlone said during an interview with Kitco News in June.
Source - https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-predictions/
