Check out which predictions went wrong for Bitcoin in 2022
With a new year almost upon us, it is a good time to delve into the predictions made for the price of Bitcoin (BTC) in 2022. Many predictions have been made, as the primary cryptocurrency is the one that drives the entire blockchain industry. Therefore, the attention of analysts has turned to BTC.
First, it is worth pointing out that this content is not intended to belittle the study of investors and traders who dedicate hours out of every day to analyze the entire market and bring predictions that guide the studies of less experienced investors.
This year the cryptocurrency market has experienced a never-before-seen moment with countries in conflict, a huge increase in US interest rates, millionaire hackers, and the crash of major companies related to this market.
All of this caused a lot of capital to flow out of Bitcoin, helping the cryptocurrency go through corrections and have one of its worst years when it comes to market capitalization. With that in mind, check out the predictions below.
Bitcoin at $160,000 before the end of 2022
This prediction was made by Alex Mashinsky, CEO of Celsius Network. In late January, the entrepreneur said that BTC was supported between $29,000 and $33,000. At the time, the cryptocurrency was trading at $38,000.
Mashinsky said that soon after BTC reached this bearish target, the cryptocurrency would take off to unprecedented levels and reach the $160,000 mark as early as 2022. As noted, this target was far from reality as BTC is still struggling for a New Year’s rally, failing to reach above $20,000 in the last week of this year.
bitcoin at $102,000
In February, an analyst from the YouTube channel InvestAnswers made a video detailing what we can expect for three cryptocurrencies in the coming months, and BTC was among them. To analyze the leading cryptocurrency on the market, the presenter used the charts of Forrest Przybys, founder of Cryptostackers.
According to the analyst, Przybysz is very conservative in his estimates and believed that BTC would change hands at $102,000 this year. Furthermore, he stated that the average reversal line for the crypto was around $51,000.
While bitcoin was trading at $37,700, it has not reached a mark above $50,000 since then this year.
Bitcoin at $60,000 in May
This prediction was made by pseudonymous analyst Inmortal in March. He pointed out, via a chart, that BTC was heading toward the $60,000 target in the first half of 2022.
However, this prediction also did not come true and in May, BTC traded between $37,800 and $31,900.
Bitcoin at $30,000
In July, the crypto market experienced heavy volatility as BTC struggled to stay above $20,000. Analyst Nicholas Merten stated that the cryptocurrency was preparing for a sharp jump, as in July 2021. In this case, in 2021, the crypto went from $29,000 to $53,000.
The analyst pointed out that key moving averages for bitcoin were pointing to a target of $30,000. However, BTC has not traded at that price since June.
Conclusion
Indeed, 2022 has shown how volatile the crypto market is, and just following what analysts say may not be the best option for determining your position. Although they serve as a guide, the opinions of more experienced people on the market should only be part of one’s preparation, and this year has already shown that anything can happen.
