Bitcoin’s price has been steadily increasing since its inception and many, including renowned venture capitalist Tom Lee, are predicting a Bitcoin bull run in 2022. However, some crypto influencers such as Brock Pierce have predicted that the value of Bitcoin will not surpass $200K by 2022. Though still optimistic about his prediction for 2021
Brock Pierce and Tom Lee are two people who have been predicting the price of Bitcoin for a while now. They have predicted that Bitcoin will reach 100k in 2022, despite missing the mark by $200k in 2021. Read more in detail here: will bitcoin reach 100k.
Despite missing their $100,000 Bitcoin price projections in 2021, Brock Pierce, former Chief Strategy Officer at Block One, and Tom Lee, co-founder of research company Fundstrat Global Advisors, still believe Bitcoin will exceed $200,000 in 2022.
Even though Bitcoin’s high water mark of $69,000 was achieved on Nov. 10 and BTC is presently trading at $46,270, they are essentially doubling down on their grandiose estimates for 2022.
In the Market Rebellion Roundtable talk on December 23, Tom Lee forecasted $200,000 for Bitcoin. During the debate, he stated:
“So, you know, Bitcoin might be in the $200,000 area. I mean, I believe that’s doable, and although it may seem outlandish, it’s quite beneficial.”
In the wake of ProShares establishing the first Bitcoin ETF in the United States, Lee maintained his $100,000 price estimate for 2021BTC as late as October.
He also anticipated that over the following 12 months, Bitcoin exchange traded funds (ETFs) will attract at least $50 billion. Between Valkyrie, Van Eck, and ProShares’ products, Bitcoin ETFs in the United States presently have around $1.5 billion in assets.
Meanwhile, Pierce told Fox Business on Dec. 29 that it was “possible” that the stock will “break $200,000 for a second and then fall back.”
Pierce had indicated $100,000 as the top of the range for 2021 in a Jan. 22 piece at the start of the year:
“There aren’t many levels where I (expect) Bitcoin to see resistance.” By the end of the year, we may reach anywhere from $70,000 to $100,000, but there will be a lot of volatility.”
Pierce is correct in that the bottom end of the range was reached on November 10.
Plan B, a well-known anonymous Bitcoin price analyst, has built a reputation for himself with his price forecasts and stock-to-flow algorithm. PlanB accurately projected that BTC would achieve $63,000 in October on June 20, but missed his “worst case scenario” targets of $98,000 and $135,000 for November and December, respectively.
PlanB justified his forecasts by arguing that his statistical models are accurate to within one standard deviation. Despite the fact that his pricing projections were incorrect, he remarked in a tweet on Dec. 25 that
“$50K-$200K One standard deviation band seems to be rather large. Some argue that this renders the S2F model useless, but is this true?
Bitcoin falls below $47,500, but one trader sees a’solid risk/reward’ for longing BTC now.
Bobby Lee, the founder and CEO of Ballet Crypto, projected that Bitcoin will surpass $300,000 this year on CNBC’s Squawk Box on March 22. This was one of the year’s most grandiose forecasts that failed to materialize.
Each prominent figure’s incorrect forecasts serve as a reminder to do your own research (DYOR) before investing in cryptocurrencies, and to see price predictions as a game rather than a real guide to the future.
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