When crypto analysts predicted that Bitcoin was going to reach USD 1,000, no one believed it. Everyone compared Bitcoin’s price to the stock market. On the other hand, everyone failed to look at the market cap and the huge potential growth behind the entire crypto industry. Today, Bitcoin’s market cap stands around USD 1 Trillion, with a current price of around USD 54,000. Will we witness a Bitcoin 100K price before 2022?
A Bitcoin Price Rise is Inevitable
Bitcoin managed to climb consistently in prices. From back when its prices were mere cents to today’s impressive USD 54,000 price, there’s certainly a use case for this digital currency. Not only did Bitcoin provide a new way to send and receive value, but new industries were born thanks to it. From the DeFi and lending space to NFT gaming, all the way to this new Metaverse hype…Big traditional companies seem to like where cryptocurrencies are headed towards. Facebook is a big example. They recently rebranded their mother company name to Metaverse.
When we see mass adoption and people across the world being more educated about the crypto space, the valuation of such an industry would be higher. Since Bitcoin has a market dominance of around 42% currently, Bitcoin’s price rise is inevitable.
Bitcoin Price Prediction – Can we reach a Bitcoin 100K price before 2022?
Bitcoin’s price was always hard to predict, over the short term, but always easy to predict over the long term. Everyone who said buy and hold, turned out to be right in Bitcoin’s case, and many other altcoins. On the other hand, we’re interested to know whether Bitcoin’s price will reach 100K before 2022.
For this specific analysis, we need to go back through the years and look at the price-action of Bitcoin, specifically around December of each year.
Looking at figure 2, we can see how prices reacted differently each year. In 2017 and 2018, prices fell around December. Many attributed this to people liquidating their holdings to shop for the Christmas season. Following this, we had the Chinese New Year, where people also said the same about this period. On the other hand, in December of 2019 and 2020, prices skyrocketed.
Being able to predict what will happen to the price in the short term seems a bit difficult for now. This is especially as prices just adjusted heavily in the past week. But what we can be sure of, is that Bitcoin’s price most likely will not reach 100K, as this would mean almost a 100% price increase within a month, something that Bitcoin prices did not do for a long time.
Stay Ahead, Stay Updated
Rudy Fares
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