Crypto Experts Make Bitcoin Price Predictions For 2022
With the end of the year fast approaching, we reached out to various crypto experts to hear their thoughts about the year ahead.
We asked whether they think were heading towards another crypto winter and if so, when and asked for them to make a prediction for the price of bitcoin over the next 12 months. Finally, we asked if there were any altcoins that they had their eye on for 2022.
You can read the full story here:
Where is BTC heading next year? Is another crypto winter on its way or could certain altcoins hit new all-time highs?
Elon Musk Explains Why Hes Pro Doge’
Elon Musk has once again expressed his love for dogecoin, joining a Twitter thread about Web3 and NFTs to proclaim that he is pro doge.
The thread included Twitter founder and bitcoin advocate Jack Dorsey, who was criticising the corporate involvement in the decentralised space. Responding to him was dogecoin founder Billy Markus, who explained how his goal was to simply build stuff, make money, and have fun.
You can read a full explainer on what exactly Web3 is, and why Elon Musk and Jack Dorsey are skeptical of it, right here.
Bitcoin, Ethereum prices drop after some gains
The prices of bitcoin and ethereum have dropped by about 2 per cent in the last 24 hours after significant gains on Wednesday.
The leading cryptocurrency is currently priced at about $48,500 after rising above $49,000 on Wednesday.
Although other leading cryptocurrencies such as solana , cardano and polkadot have grown in the last 24 hours, the overall crypto market is still down by 0.2 per cent and is valued at $2.29 trillion.
Cardano has grown by about 3.5 per cent while polkadot has surged by over 9 per cent in the last day.
Memecoins dogecoin and its spinoff shiba inu are also showing signs of growth in the last 24 hours.
Prices of cryptocurrencies over last 24 hours
Finding Value In Cryptocurrency
If you understand the core principle of supply and demand behind what gives cryptocurrency value and the factors influencing them, you can make better cryptocurrency investment decisions. If you believe demand is going to increase for reasons X, Y, and Z and don’t think supply will keep up, that cryptocurrency could be a good investment. But be aware that governments still don’t have best practices for regulating cryptocurrency, which makes it a particularly risky and volatile investment no matter what.
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Read More About Cryptocurrencies From Cnbc Pro
Dragan Boscovic, founder and director of the Blockchain Research Lab at Arizona State University
“Central bank authorities are busy developing regulations on cryptocurrency. They recognize that digital currencies are native to the digital economy and, as such, are on their way to becoming mainstream in the next 10 years.”
Barbara Roper, director of investor protection for the Consumer Federation of America
“Sorry. I decided a while back that I’m too old for this issue.”
What New Regulation Could Mean For Investors
Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
This is because if the bill passes, exchanges will have to issue 1099-B tax forms with cost basis information to investors, Shehan Chandrasekera, CPA, head of tax strategy at CoinTracker.io, a crypto tax software company, recently told NextAdvisor. This will significantly reduce the crypto tax filing burden.
Regulatory announcements can also affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything youre not OK with losing.
Ultimately, many experts believe regulation is a good thing for the industry. Sensible regulation is a win for everyone, says Ben Weiss, CEO and cofounder of CoinFlip, a cryptocurrency buying platform and crypto ATM network. It gives people more confidence in crypto, but I think its something we have to take our time on and we have to get it right.
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What Has Tesla Done With Its Bitcoin Holding
Meanwhile, its worth remembering Tesla is still in possession of its Bitcoin holdings, despite its environmental concerns, as confirmed by Elon Musk on Twitter.
In response to criticism of Bitcoins drop in price, Musk said: To clarify speculation, Tesla has not sold any Bitcoin.
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Ethereum Price Prediction For 2025
Starting with a minimum price of $5200 in the long term, that means ETHs price may record a new all-time high of $5,600 over the next five years as per our prediction, and so the bull will be back in the near future – says David Cox.
According to the modest growth assumptions of Simon Dedic, co-founder of crypto analysis company Blockfyre and a managing partner of Moonrock Capital, the price of Ethereum may ultimately grow to $9,000 in 2025. Many other price predictions fall around the same target.
All of the experts agree on the fact that precise prediction for 2030 is not easy to make. The further ahead we go in time, the shadier the picture becomes.
The price of ETH will probably continue to rise to unprecedented heights in 2030. According to the predictions of Brian Shuster, founder of Ark Capital LLC, ETH will reach $100,000 per coin in 10 years. This prediction is backed up by prominent investors like Dan Morehead, the CEO of Pantera Capital, who believes ETH will reach six figures by 2030.
A Variety Of Factors Can Influence The Value Of Bitcoin And Other Cryptocurrencies
You may wonder what makes cryptocurrency valuable, given that it’s notoriously volatile. It’s not uncommon for Bitcoin to increase or decrease in price by 5% or even 10% on any given day. Smaller cryptocurrencies can have even wider price swings.
After reading this article, you’ll have a better understanding of what makes cryptocurrency valuable and why the price might swing violently within a single day.
Remembering Bitcoins Crash Of 2021
After a powerful rally to start the year, bitcoin suddenly found itself in a bear market. Blame FUD.
Some traders and investors began to cash out in April and May as concerns mounted over U.S. capital gains taxes, bitcoins environmental footprint and an outright crypto ban in China. It seemed like the fear, uncertainty and doubt FUD, or crypto-speak for negative news was coming all at once.
All it took was a New York Times headline in mid-April that U.S. President Joe Biden was planning to roughly double the tax on capital gains or proceeds earned from selling assets with provisions deemed unfriendly toward cryptocurrencies to end hopes of a rally back toward bitcoins all-time high near $65,000. After a powerful bull run earlier in the year, bitcoins price decline suddenly accelerated.
The cryptocurrency was already on the defensive, Pankaj Balani, co-founder and CEO of the Singapore-based Delta Exchange, told CoinDesk in an email at the time. The tax news invited more profit taking.
The U.S. actions were not bullish for bitcoin, as tax increases could be a thorn in the recovery and will drag down investments, Edward Moya, an analyst at Oanda, a foreign exchange brokerage firm, wrote in an email.
President Joe Biden
All that meant there might be less need for extra economic support from governments and central banks, which had bolstered bitcoins attractiveness among investors as a possible hedge against fast inflation.
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Next Cryptocurrency To Explode November 2021 Week 1
The cryptocurrency market is surging to new highs. At nearly $2.9 trillion, its total cap has risen by 3.5% in the past 24 hours. Most major cryptocurrencies and many smaller altcoins are partaking in this rally, with the top ten showing growth of anything from 2% to 12% in the past day. But while the market is distributing gains quite evenly, weve put together a list of the 5 next cryptocurrency to explode. This covers coins which have a better-than-average chance of surging past the market average.
Virtual Coins Are Especially Vulnerable When Investors Get Nervous
THE PRICE of bitcoin, the worlds most popular cryptocurrency, fell by almost 20% at the weekend, from around $57,000 on December 3rd to $45,000 the next day . Other popular coins, including Ethereum, shed a similar proportion of their value. The market capitalisation of all crypto assets fell by $400bn to $2trn, before picking up slightly. Why did prices fall, and what makes cryptocurrencies so volatile?
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Bitcoin Price Revival Continues
The price of bitcoin has continued its recent revival, rising above $49,500 overnight.
The gains have boosted a buoyant crypto market, which has risen by more than 2 per cent over the last 24 hours to return close to $2.3 trillion.
All of the leading cryptocurrencies experienced an increase in value, most notably Terra , which shot by more than 15 per cent since yesterday to take its weekly gains to around 60 per cent. This is the same cryptocurrency, incidentally, that experts on a panel hosted by The Independent last week were most bullish about.
Weekly Elliott Wave Bitcoin Analysis As Of 20122021
The BTCUSD market must be forming the initial part of the global simple zigzag –. The first wave has completed as a five-wave impulse. At the time of writing, the bearish correction is developing as a double zigzag W-X-Y, whose potential structure is outlined in the chart. There is unfolding the first motive wave W. Let us explore the market situation in more detail in the eight-hour timeframe.
Wave W must be unfolding as a simple zigzag –, as outlined in the chart. The first wave must have completed as an impulse, composed of five sub-waves —-. Next, the price has started rising in corrective wave that could be unfolding as a simple zigzag –. The first two legs, impulse and correction , look complete so, the market should be rising in the final wave to a level of 58000.00, where wave will be 61.8% of wave .
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The Future Of Cryptocurrency
We can speculate on what value cryptocurrency may have for investors in the coming months and years , but the reality is its still a new and speculative investment, without much history on which to base predictions. No matter what a given expert thinks or says, no one really knows. Thats why its important to only invest what youre prepared to lose, and stick to more conventional investments for long-term wealth building.
If you were to wake one morning to find that crypto has been banned by the developed nations and it became worthless, would you be OK? Frederick Stanield, a CFP with Lifewater Wealth Management in Atlanta, Georgia, told NextAdvisor recently.
Keep your investments small, and never put crypto investments above any other financial goals like saving for retirement and paying off high interest debt.
Margin Debt Wreaks Havoc
Look no further than for a fourth reason cryptocurrencies could plunge in the upcoming year.
Because the crypto-exchange space is so fragmented, it’s not exactly clear how much margin debt is outstanding. But make no mistake about it — offers to deploy leverage aren’t difficult to find.
Earlier this year, it was possible for certain investors to utilize 100 times leverage on their cash position when trading Bitcoin. At such immense leverage, even a 1% or 2% move in Bitcoin could lead to a margin call and forced liquidation.
If the music suddenly stops in the cryptocurrency market, margin calls could be right around the corner.
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Has Bitcoins Bubble Burst
When assets rise very quickly in price, typically this makes a crash much more likely. Or at the very least a correction, when the price falls back down to a more normal level.
That is the situation bitcoin is in right now. Although no one can really say what is a normal level for bitcoin.
It took the cryptocurrency 11 years from launch to get to $20,000 per coin, but only three weeks for bitcoins price to double from there.
A decisive year for currency was in 2013. The Bitcoin price 8 years ago went from $13.40 at the start of the year to its height in December of $1,156.10, before falling to around $760 three days later.
Fast forward to 2020/21 and the price had soared by more than 700% in 12 months.
Where it is heading next is equally unpredictable.
Check out one Times Money Mentor readers crypto experience: Bitcoins rollercoaster ride has swept me to an £8,500 profit in less than a year
Biggest Supporters And Holders Of Cryptocurrency
The Winklevoss Twins: The Winklevoss Twins are among the top ten cryptocurrency billionaires. The twins spent $11m in 2013 to purchase 1.5 million Bitcoins. At that time, a single Bitcoin cost $120. Their Investment has grown by more than 45,000%. The twins are said to own 1% of all Bitcoin on the market. They created Windex, invested $1.5m in BitInstant and have funded other Bitcoin-related businesses.
Chris Larsen: Chris Larsen, a Silicon Valley executive best known for co-founding several tech start-ups, is one of the most prominent cryptocurrency investors and supporters. Larsen is co-founder and executive chairman of Ripple. According to Forbes, Larsen owns 5.19 billion Ripple units.
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Michael Saylor: The CEO of software company MicroStrategy made and lost a fortune during the first dot-com crash. Saylor’s net worth has risen to $2.4bn due to his early investment in Bitcoin. On MicroStrategy’s quarterly earnings conference call in July 2020, Saylor revealed his intention to buy Bitcoin, gold or other alternative assets instead of cash. The next month, MicroStrategy purchased 21,454 Bitcoins with $250m from its cash reserve.
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Musk Raises Environmental Concerns
But bitcoin had other problems. In the months ahead, many investors in traditional markets perceived as a key target for mainstream cryptocurrency adoption would start to question the cryptocurrencys environmental footprint due to the blockchain networks heavy electricity usage.
Musk, for example, made a U-turn from his earlier bullish stance on bitcoin and decided to no longer accept BTC as payment for his companys electric cars, citing concerns about the use of fossil fuels in crypto mining.
Musks tweet triggered an immediate 6% drop in the bitcoin price. Suddenly, the environment became front and center as an impediment in the 12-year-old cryptocurrencys path to becoming a widely acceptable asset class.
And with environmental, social and governance becoming the new buzzwords on Wall Street, it became harder to convince big money managers that energy-intensive bitcoin was a good addition to portfolios.
For example, a survey of 600 people in the fund management industry found that 96% expected their firms to increase prioritization of ESG during 2021. John Reed Stark, former chief of the U.S. Securities and Exchange Commissions Office of Internet Enforcement, told CoinDesks Lyllah Ledesma in May that the bitcoin ESG concerns would certainly damp institutional investment in crypto.
Bitcoin Price Prediction: The Future Of Bitcoin
The Saxo Bank thinks Bitcoin will increase a lot this year. Not quite as much as John McAfee does, but still a lot. Saxos Bitcoin prediction 2021: they say the Bitcoin price will rise above $60,000 in 2021! This isnt all they say, though. They also say the Bitcoin price will then crash and lose more than 98% of its value! Thats quite a rollercoaster.
Two Saxo Bank analysts said, Bitcoin will continue to rise and rise high during most of 2021 but Russia and China will together engineer a crash. They think itll crash because of new cryptocurrency regulations/laws from governments.
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The 2021 Crypto Crash
Bitcoin had been on a tear throughout the later parts of 2021 and through Q1 2021. However, after a series of policy moves by China and the withdrawal of various celebrity support, in particular Elon Musk, the price fell hard. The entire crypto market seemed to have crashed again.
While many are familiar with the crypto crash in 2018, the seriousness of the 2021 crypto crash is still debated. There are those who remain skeptical about crypto, predicting its end, and others that firmly believe that crashes like 2018s are behind them. Regardless, it cannot be ignored that Bitcoin lost 50% of its value in just three months, from $63,000 in April 2021 to $32,000 in July 2021.
Institutional Interest In Ethereum Continues To Grow
Ethereum has attracted interest from institutional investors this year in line with the emergence of applications such as decentralised finance and non-fungible tokens .
Ethereum saw “minor” outflows totalling $17m last week, the first time following 6 weeks of inflows, although it reflects only 0.09% of AuM and is therefore likely not meaningful according to CoinShares.
Investment bank JP Morgan is among institutions moving further into the cryptocurrency space. It gave away NFTs minted on Polygon, the Ethereum-based network, at its Crypto Economy Forum event, which have since been listed on the OpenSea NFT marketplace. Bank of America also recently its first NFT, promoting its sponsorship of the Sibos conference.
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