What was the year 2022 for Bitcoin, according to market watchers.
There was a wide range of price targets for Bitcoin in 2022, according to market watchers. However, no one had anticipated the drama that has characterized the crypto space.
The price of Bitcoin (BTC) plunged to new lows in 2022, attracting a large number of market watchers. Several pundits predicted that Bitcoin would surpass its record high of approximately $70K set in November 2021 before the turn of the year. A number of market watchers, including famous venture capitalist Tim Draper, predicted that Bitcoin will reach new record highs in 2022.
It is important to note that other market participants were less optimistic about BTC's price trajectory and predicted a plunge below $20,000. It was not excluded that the prominent crypto could sink further to $10,000 according to some pundits.
Nevertheless, digital currency in 2022 was characterized by a number of unsavory surprises. An example of these surprises was the epic failure of stablecoin TerraUSD at the mid-point of the year, which crippled several investors. Aside from its 2022 woes, the crypto industry was also adversely affected by the recent collapse of FTX, which triggered a major insolvency crisis.
While the crypto space has been undergoing tumult, investors have also been facing rising interest rates as a result of runaway inflation. Riskier assets such as stocks and digital currencies have been negatively affected by the rate hike.
The developments of 2022 must have surprised even the most bearish Bitcoin market watchers. There has been a severe drop of 75% in the price of this prominent cryptocurrency since its all-time high of $69K in November 2021. Furthermore, there is a $2 trillion deficit in the entire crypto market over the past year. In the period leading up to the writing of this article, BTC had traded at just under $17K.
Watchers of the 2022 Bitcoin market: Notable bears
Chief technology officer of Bitfinex and Tether Paolo Ardoino predicted that Bitcoin would fall well below $40K in 2022. Moreover, Ardoino anticipates that the cryptocurrency will end the year in excess of $50,000, which is the market capitalization of the world's largest cryptocurrency.
Asked about his earlier prediction, Ardoino stated:
“As mentioned, predictions are hard to make. No one could have predicted or foreseen the number of companies, well regarded by the global community, failing in such a spectacular fashion.”
The Bitfinex CTO, however, reiterated his belief in Bitcoin, saying:
“Some legitimate concerns and questions remain around the future of crypto. It might be a volatile industry, but the technologies developed behind it are incredible.”
In addition to Deutsche Bank and JPMorgan ($28K), Absolute Strategy Research ($13K), and JPMorgan ($13K), other 2022 BTC bears made predictions on the price of BTC at that time ($13K).
Bulls
In addition to Tim Draper, crypto lender Nexo, and former Seba CEO Guido Buehler, this year's Bitcoin market-watching bulls featured several notable figures.
As far as predictions are concerned, Draper was the most optimistic and predicted that Bitcoin would reach a lofty $250,000. Despite his strong forecast, the prominent investor even channeled some aspects of his personality around the motif of Bitcoin.
Nevertheless, Draper's predictions are unlikely to materialize, at least not this year. In response to a recent question regarding his lofty prediction, Draper Associates founder claimed it would become reality within six months.
As for Bitcoin, Nexo CEO Antoni Trenchev previously predicted it would surpass $100K in 2022, while Guido Buehler previously predicted a $75K price. An institutional investors would boost the price of the stock, according to the former chief executive officer of the Swiss bank Seba.
It is true that Bitcoin experienced a number of different situations during the year 2022. This was negatively affected by many of these events. Cryptocurrency remains a high potential asset, however. In addition, several breakthroughs have been made in the blockchain technology and the development of the Defi, NFT projects and Metavers for the same challenging year. To avoid losses from fluctuations in the course, and to avoid fearing a bear market, you should maintain your own portfolio of investment tools, such as Intelfin Global pools. Because Arbitrage trading bot, Hybrid trading bot, and Liquidity pools provide members of the platform with stable profit, you can be confident of tomorrow and the steady growth of your assets.