How High Will Bitcoin Go This Year?

How High Will Bitcoin Go This Year?

Read our in-depth analysis on How High Will Bitcoin Go This Year. Also, check the Bitcoin Price Prediction 2022 derived by using our calculation.

The Bitcoin holders, this year have had a turbulent phase. For the first time since 2020, the price of Bitcoin fell below $20,000 leading to a significant concern among investors about the future of Bitcoin and overall cryptocurrencies. In the last few days, Bitcoin’s price has been surging, yet the surge remains much less than what is required to push the price beyond the January 2022 level.

In the first week of January 2022, Bitcoin was trading at over $46,000 and currently, Bitcoin is trading below $25,000. Analysts have predicted the Bitcoin price to breach $30,000 by the end of 2022. Here are a few Bitcoin Price Prediction 2022 by well-known analysts:

  • Kraken, $322478 (Timeframe unclear)
  • Deutsche Bank forecasts that BTC will rise to $28k by the end of this year.
  • British Bookmakers (Betting Odds): Chance of Bitcoin below $20k by end of 2022: 58% (Very high)
  • NEXO Co-Founder Antoni Trechev – $100k by June 2023

The current price of Bitcoin is:

How High Will Bitcoin Go This Year: A Simple Calculation

What If Bitcoin Rises 5% and 10% Every Month?

Price as of July 29th $23,677
Market Cap as of July 29th $452 B
If BTC were to rise 5% a month, what will be Price By the End of 2022? $30,218
If BTC were to rise 10% a month, what will be Price By the End of 2022? $38,132

Bitcoin Price Prediction 2022: At the current price, if Bitcoin rises 5% every month, the price of Bitcoin would be over $30,000 by the end of December 2022. Again if Bitcoin rises 10% every month, then by the end of December 2022, Bitcoin may be over $38,000.

How High Will Bitcoin Go This Year: Factors Influencing BTC Price

  • Stock Market: Bitcoin since last year has been moving at par with the stock market. When the stock market falls, Bitcoin price too fell. However, tech stocks have had a major role to play in the Bitcoin momentum. Whenever there is a surge in the tech stock price, Bitcoin prices have seen a huge surge.
  • Crude Oil Price: One indicator that most analysts have missed is the crude price. Since the Russia-Ukraine conflict, the crude price has skyrocketed and this has inversely affected the price of Bitcoin. With rising crude prices, the price of Bitcoin has fallen. Therefore, keeping an eye on the crude price could be the best way to predict the price of Bitcoin.
  • Government Action: Recently the role of governments around the world has influenced the price of cryptocurrencies including Bitcoin. The crypto ban by China led to the crypto market crash, and the increase in the Fed’s rate has also played a major role in determining the price of cryptocurrencies. Therefore, any positive move by the Government of bigger economies will benefit the crypto market and any negative move will lead to a crash.

How High Will Bitcoin Go This Year: A Video Analysis

YouTube video

Read: Bitcoin Price Prediction and Forecast

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