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July 1, 2022
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Guide & Analysis

24% think the BTC will be below $50,000 end of 2022

A new survey by PlanB shows that less than 24% of respondents expect the BTC to remain below $50,000 over the next 12 months

Although bitcoin ended up with an increase of more than 60% in 2021, there was a small disappointment in cryptospace. That’s because the asset failed to increase into six-digit territory and actually dropped 30% in less than two months.

The creator of the popular stock-to-flow model, however, has started a survey, which shows that nearly 50% of the community expects the BTC to reach $100,000 or more by the end of 2022.

Before exploring the latest research, it is important to note that such research is largely dependent on the current mood of the market and can change rapidly. For example, in a September 2020 survey, when the BTC was exceeding $10,000, most people said it would not exceed $55,000 in 2021, which it did.

Later in March of last year, when the BTC was flying high, above $55,000, the majority of the community voted it would go north of $100,000, which it didn’t. In addition, the most optimistic even said it would go for $500,000.

Now, the general sentiment is a bit more pessimistic, evident by the Bitcoin Fear and Greed Index, indicating Extreme Fear. This is primarily because bitcoin has dropped more than 30% from its peak of $69,000 in mid-November.

As such, most people are largely expected to be more modest in their predictions for 2022. PlanB’s latest Twitter poll shows that nearly 24% believe the BTC will fall below $50,000, 31.1% they think it will be between $50,000 and $100,000.

Still, the answer with the most votes is bitcoin entering six-digit territory between $100,000 and $200,000. Only 12.6% voted that the BTC will exceed $200,000.

2021 was really great

Despite the current negative sentiment in the community due to the latest price slips, the past year has been quite positive for the primary cryptocurrency. It set several new all-time highs, with the last one reaching $69,000 as mentioned above.

Although the BTC has dropped more than $20,000 since then, it still ended the year with an increase of over 60%. As a result, Plan B highlighted that it outperformed most other traditional financial assets, including gold. In fact, the precious metal, considered by many to be the ultimate inflation protection tool, ended up with a small loss in a year when inflation rates soared.

Source: CryptoPotato

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