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What to Keep an Eye on This Year With Bitcoin
What investors should keep in mind when it comes to Bitcoin, the world's largest cryptocurrency (BTC).
Today has been another wild ride for Bitcoin (BTC) and the other leading cryptocurrencies. While the crypto sector has been difficult to nail down in terms of direction recently, the majority of attention has been focused on Bitcoin. This top token is frequently regarded as a barometer of the overall market.
Bitcoin is the first and largest cryptocurrency by market capitalisation, and its directional swings have a tendency to move the market. As a result, investors have numerous concerns about Bitcoin this year. Will momentum be regained? Or will we see a year-long gradual and steady decline?
Let's take a look at a few things to keep an eye on with Bitcoin this year.
Bitcoin price projections on a grand scale continue to surface.
Indeed, one trend that is sure to persist in 2022 is the continuation of outrageous price estimates. Whether it's Cathie Wood or other crypto bulls announcing big price targets, it's the potential returns investors might earn with Bitcoin that has attracted so much attention.
As a result, a recent JPMorgan client poll indicates that retail investors accept the hype. According to the majority of responders, BTC might trade at or above $60K this year. This would represent an almost 50% increase above current levels.
Perhaps these findings are unsurprising. After all, investors who hold digital currencies do so in the hope of earning exorbitant returns. As a result, there should be some benefit to owning such valued goods.
While there are Bitcoin bears, it appears that the majority of retail investors believe this token has more upside potential than downside risk in 2022. As a result, Bitcoin investors are hoping that the wisdom of the crowd prevails this year.
In conclusion
As the first and hence the most established cryptocurrency, Bitcoin's track record is one worth studying. This cryptocurrency has experienced a number of price swings in the past. As a result, near-term sentiment appears to be negative, with many anticipating a sustained selloff is possible, at least through the start of 2022.
Such a scenario is probably plausible if bad attitude persists. Indeed, when Bitcoin enters a bear market, it is severely battered. Without any real financial flows, the majority of cryptocurrencies, such as Bitcoin, are purely supply and demand processes.
I expect the crypto world's supply and demand fundamentals to remain under pressure, at least in the near term. Rate hikes and a selloff in risk assets appear to be on the horizon. However, anything is possible in the long run. As a result, it is possible that dip buyers will materialise until the end of the year and beyond.
For the time being, I'm keeping a close eye on Bitcoin. However, individuals who have invested in Bitcoin, or any cryptocurrency, should brace themselves for a wild ride in 2022.
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By Crypto PiratesWhat investors should keep in mind when it comes to Bitcoin, the world's largest cryptocurrency (BTC).
Today has been another wild ride for Bitcoin (BTC) and the other leading cryptocurrencies. While the crypto sector has been difficult to nail down in terms of direction recently, the majority of attention has been focused on Bitcoin. This top token is frequently regarded as a barometer of the overall market.
Bitcoin is the first and largest cryptocurrency by market capitalisation, and its directional swings have a tendency to move the market. As a result, investors have numerous concerns about Bitcoin this year. Will momentum be regained? Or will we see a year-long gradual and steady decline?
Let's take a look at a few things to keep an eye on with Bitcoin this year.
Bitcoin price projections on a grand scale continue to surface.
Indeed, one trend that is sure to persist in 2022 is the continuation of outrageous price estimates. Whether it's Cathie Wood or other crypto bulls announcing big price targets, it's the potential returns investors might earn with Bitcoin that has attracted so much attention.
As a result, a recent JPMorgan client poll indicates that retail investors accept the hype. According to the majority of responders, BTC might trade at or above $60K this year. This would represent an almost 50% increase above current levels.
Perhaps these findings are unsurprising. After all, investors who hold digital currencies do so in the hope of earning exorbitant returns. As a result, there should be some benefit to owning such valued goods.
While there are Bitcoin bears, it appears that the majority of retail investors believe this token has more upside potential than downside risk in 2022. As a result, Bitcoin investors are hoping that the wisdom of the crowd prevails this year.
In conclusion
As the first and hence the most established cryptocurrency, Bitcoin's track record is one worth studying. This cryptocurrency has experienced a number of price swings in the past. As a result, near-term sentiment appears to be negative, with many anticipating a sustained selloff is possible, at least through the start of 2022.
Such a scenario is probably plausible if bad attitude persists. Indeed, when Bitcoin enters a bear market, it is severely battered. Without any real financial flows, the majority of cryptocurrencies, such as Bitcoin, are purely supply and demand processes.
I expect the crypto world's supply and demand fundamentals to remain under pressure, at least in the near term. Rate hikes and a selloff in risk assets appear to be on the horizon. However, anything is possible in the long run. As a result, it is possible that dip buyers will materialise until the end of the year and beyond.
For the time being, I'm keeping a close eye on Bitcoin. However, individuals who have invested in Bitcoin, or any cryptocurrency, should brace themselves for a wild ride in 2022.
Support us!