Bitcoin and Four Analysts’ Predictions About Cryptocurrency Price That Went Wrong in 2022

We are almost at the beginning of a new year, so it is a good time for us to look into the forecasts made for the price Bitcoin in 2022. There have been many predictions, since the primary cryptocurrency is what drives the entire blockchain industry. Analysts have been focusing on BTC as a result.

First, let me say that this content does not denigrate the work of traders and investors who spend hours every day analysing the market and making predictions that will guide less experienced investors.

The cryptocurrency market witnessed a moment unlike any other this year, with conflict countries, huge increases in the U.S. rate of interest, millionaire hackers, and the crashes major companies that are related to this market.

This caused a lot capital to flow out Bitcoin, which helped the cryptocurrency make corrections and experience one of its worst years in terms of market capitalization. Take a look at the following predictions.

Bitcoin: $160,000 by 2022

Alex Mashinsky, CEO of Celsius Network, made this prediction. In January, stated that Bitcoin was being backed up to $29,000 to $33,000. The cryptocurrency was then trading at $38,000.

Mashinsky stated that Bitcoin would soon surpass this bearish target and rocket to unprecedented heights, reaching $160,000 by 2022. This target is far from real, as BTC continues to struggle for a New Year’s rally and failed to surpass $20,000 in the final week of 2018.

Bitcoin: $102,000

The analyst of YouTube channel InvestAnswers created a video in February highlighting what we can expect for three cryptocurrencies over the next months. BTC was one of them. The chart of Forrest Przybysz (founder of CryptoStackers) was used by the presenter to analyze the top cryptocurrency on the market.

Przybysz, an analyst, is conservative in his estimations and believes that BTC will change hands at $102,000 in the next year. Przybysz also stated that the average reversal level for crypto was about $51,000.

Bitcoin traded at $37700 but the mark of $50,000 has not been achieved since then.

Bitcoin Priced at $60,000 May

Inmortal, a pseudonymous analyst, made this prediction in March. A chart was used to show that BTC was on track for the $60,000 mark in the first half 2022.

This prediction was not true, however, and BTC traded in May between $37800 and $31,900.

Bitcoin: $30,000

The crypto market was in turmoil as BTC failed to keep above $20,000. Nicholas Merten, an analyst, stated that cryptocurrency was poised for a sharp rise as soon as July 2021. The crypto rose from $29,000 to $53,000 in 2021.

According to the analyst, Bitcoin’s major moving-averages pointed towards the $30,000 goal. BTC has not traded at this price since June.

Conclusion

The volatility of the crypto market has been demonstrated by 2022. Therefore, it is not a good idea to just follow the advice of analysts. They are only a guide. However, they should not be used as part of your preparation. This year has shown that anything could happen.