According to Chris Vermeulen, the price of Bitcoin would have a bumpy ride, but would eventually drop by $90,000 by 2022.
The price of BTC is expected to reach $90,000 by the end of 2022, forecasts Technical Traders CEO Chris Vermeulen. However, its price could drop to $16,000 on its way to the all-time new record.
What is the way to the top like?
In a interview Recently for Kitco, Chris Vermeulen talked about the future price of bitcoin. According to the charts presented and their analysis, the dollar value of the primary cryptocurrency would experience major setbacks and would remain highly volatile in the coming months.
Speaking of exact numbers, the top executive predicted it could drop to $21,000 and even $16,000. With that in mind, he advised investors not to trade bitcoin for now, as its downtrend “it can last a year, but it can also last eight years”.
He pointed out that many people like cryptocurrencies. However, as is the case with precious metals, they should not “hold them when it’s not favorable” just because “love them“.
While the future price of bitcoin seems difficult to predict, Vermeulen noted that its recent pullback is one of the “minors” compared to those over the years. However, he believes its price will likely skyrocket to nearly $90,000 by mid-2022:
“We’re predicting a $89,000 – $90,000 mark, but that might not happen until next year, that’s my game plan.”
Is BTC still on track to hit $100K?
While Vermeulen forecasts a sharp price ahead of a rise in the BTC price, others believe the asset will only head north, especially later this year.
This is the opinion of Florian Grummes. Last month, the financial analyst claimed the BTC could get back to around $35,000 before shooting up again. The $100K landing would take place no later than the first quarter of 2022, he added:
“Bitcoin hovers around $35,000 and back to $60,000 and the bull market continues. I think $100,000 will probably happen in the next six months. ”
Briton Adam Back shared an even more optimistic forecast: he sees the main digital asset trading at $100,000 by the end of 2021. According to him, global acceptance and deployment of bitcoin has reached a high enough level. It is also a better financial instrument than gold, he concluded:
“The comparison I liked was the competitor to physical gold, because in many ways bitcoin is better physical gold.”