Although they missed the mark on their prediction of a $100,000 Bitcoin price in 2021, former Chief Strategy Officer at Block One Brock Pierce is now predicting that Bitcoin will reach $200,000 by 2022. Fundstrat Global Advisors Tom Lee is also predicting this.
They are basically increasing their ambitions for 2022 even though Bitcoin’s high-water mark of $69,000 was set Nov. 10, and BTC currently trades at $46,270.
In the Dec. 23 Market Rebellion Roundtable discussion, Tom Lee forecast $200,000 for Bitcoin. He stated in the discussion:
So maybe Bitcoin is in the $200,000 range. It’s possible, and it sounds amazing, but I believe it’s doable.
In light of ProShares’ launch of the first Bitcoin ETF in America, Lee had previously maintained his 2021BTC prediction of $100,000.
He also predicted that Bitcoin exchange-traded funds (ETFs) would be able to attract at least $50 Billion over the next twelve months. American Bitcoin ETFs currently have approximately $1.5 billion in assets, with Van Eck, Valkyrie and ProShares offering.
Pierce told Fox Business that Pierce said that it was possible that the price could surpass $200,000 for a second and then fall back.
Pierce mentioned $100,000 in a Jan. 22 article that was published at the beginning of the year.
“There aren’t many levels at which I expect Bitcoin to see resistance. It is possible to get Bitcoin anywhere between $70,000 and $100,000 by the end the year. However, it will not happen without volatility.
Pierce should be credited with recognizing that the lower end of this range was actually reached on November 10.
Plan B, a popular anonymous Bitcoin price analyst, has earned his reputation with his stock to flow model and price predictions. PlanB correctly predicted BTC hitting $63,000 in October on June 20. However, he missed his $135,000 and $98,000 marks for November and December as his “worst-case scenario”.
PlanB has defended his prediction by claiming that his statistical models were accurate to within one standard deviation. He admitted that his price predictions were wrong in a December 25 tweet.
“$50K to $200K 1 standard deviation band feels large. This makes the S2F model inapplicable and unutilitable to some people. But is it?
Related: Bitcoin drops below $47K, but one trader sees a’solid risk/reward for longing BTC now
Bobby Lee, founder and CEO of Ballet Crypto, predicted that Bitcoin would reach $300,000. This prediction was made back in March. 22 on CNBC’s SquawkBox. This was one the most ambitious predictions that failed to meet the mark in this year’s election.
Public figures’ wrong predictions highlight the need for you to do your own research (DYOR) when investing in cryptocurrency. Price predictions should be taken as a joke, not as a guide to the future.
Eileen Wilson –Technology and Energy
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