CoinStove Staff
Updated: 27th December 2021
Last updated: 17th May 2022
As I promised I’m updating this Bitcoin price prediction 2022 page to keep track of Bitcoin’s cycle top. Most importantly I am tracking the analysts and investors to see who had the most accurate prediction.
Bitcoin Had Its Market Top
There are a lot of Bitcoin price predictions out there from different people. A bunch of traders and investors thought that the Bitcoin price for 2021 was going to go up sky high.
Bitcoin did not disappoint, but it got to just over $69,000 on the 10th November in 2021. Ever since then Bitcoin has been going down slowly until it got into a bear trap.
Bear traps have an 80% probability of the market price going down. In fact starting on the 9th May with the UST and Luna fiasco we got confirmation that we are in a bear cycle.
Additionally the crypto market is likely going to continue its downtrend this year.
This means the analysts that thought that the Bitcoin cycle is getting longer were incorrect. Bitcoin is sticking firmly to its 4 year cycle.
This is because in previous bull cycles, Bitcoin topped towards the end of the year. That is around November or December time.
Previous market tops where on:
- 30th November 2013
- 17th December 2017
If you do not know what a Bitcoin cycle is, then you should read about the Bitcoin halving.
Bitcoin Price Predictions: Who Was Wrong
There have been a number of bold price predictions. Here are some of the most prominent and noteworthy.
Here are the price predictions that did not pan out for 2021:
- Brian Estes, chief investment officer at hedge fund Off the Chain Capital – $100,000-$288,000 by the end of 2021
- Tom Fitzpatrick, technical analyst at Citi – $318,000 by the end of 2021.
- Max Keiser – $220,000 by the end of 2021
- Plan B – $100,000-$288,000 before December 2021
On the other hand Raoul Pal mentioned first off that the Bitcoin cycle was extending. The rational on that was because Bitcoin is a maturing asset. However Bitcoin looks like it still needs some more time to properly mature.
- Raoul Pal – $200,000-$400,000 for mid 2022
Unfortunately Raoul was wrong on both the price and timing.
Crypto Twitter
In the meantime on Crypto Twitter there are always people talking about the Bitcoin price action. Some thought that Bitcoin was forming 3 peaks and a domed house pattern.
People that looked at this pattern were saying that Bitcoin was going up to $100,000. However we know Bitcoin did not make it this far. So the general consensus was wrong about the Bitcoin price valuation.
As a side note, one thing I have noticed is that the $100,000 value keeps coming up. It even came up in the last Bitcoin bull run cycle.
Bitcoin Price Predictions: Who Was Right
Lennard Neo never gave a time frame for his price prediction, but he nailed the price target.
- Lennard Neo, head of research at Stack Funds (a crypto index fund) – $60,000-$80,000
On the other hand Garath Soloway from In The Money Stocks thought Bitcoin made a double top in 2021. In fact he got that right.
Since that time he kept saying that gold is going to outperform Bitcoin in 2022. Which so far is the case. So kudos to both Lennard and Gareth for their accurate calls.
Bitcoin Price Predictions 2022
As Gareth recently pointed out, Bitcoin’s bear market after its market peak usually lasts 12-18 months. As a result we should expect Bitcoin to remain in a bear market at least until the end of 2022.
The Bitcoin price predictions 2022 for the lows are likely around $21,000-$22,000. Perhaps Bitcoin could get as low as $12,000 like Gareth mentioned recently.
Of course for a portion of the crowd in Bitcoin they still see a good case for Bitcoin. So even though it is currently in a bear market they think it will do well long term. That is to say past this bear market.
In fact some people think hyperbitcoinisation for Bitcoin is still in the cards. That is to say regardless of the current bear market. However if this happens it is going to take many years to pan out.
If you want to keep track of the most well-known predictions you can do so here: Bitcoin price predictions. You can also check out price predictions for 2023 only here in Bitcoin price predictions for 2023.
