The past year by no means has been smooth sailing for bitcoin and ethereum holders, with both sharp rallies and deep corrections seen throughout the course of it. However, most people are still very optimistic about their price in 2022 as they think this would lead them to immense success soon enough.
The bitcoin price has skyrocketed this year, with major developments making the cryptocurrency more mainstream. For example, El Salvador became the first country in Latin America to make it legal tender. Electric car maker Tesla announced they would start accepting bitcoins as payment for their products.
Ethereum also saw major bullish developments this year, implementing a supply-reducing token burn mechanism. This was arguably one of the most important upgrades for Ethereum and sparked its recent price rise. With this price rise, you better know how to buy ethereum uk to enjoy profits.
Cryptocurrencies have had a good year so far in 2021, but some analysts say that next year could be even better.
Bitcoin Price Predictions
Kjetil Hove Pettersen, CEO of Norwegian Bitcoin miner Kryptovault, predicted that the cryptocurrency would be more volatile in the future, but its long-term trend would point upwards. He also said that technical analysis is a great way to see the price, but it might not work when external factors come into play. He added: “It’s going to do quite well and reach $500 billion market cap per year on average.”
Meanwhile, Bernardo Schucman from CleanSpark’s Digital Currency Division predicted that by 2022 the price of Bitcoin will be 250K USD per BTC. He believes in this value because there are so many cryptocurrencies being created these days, and they’re all trying to beat each other out at mining coins as quickly as possible. This means we could see an increase for the fastest miners when making big purchases.
Ethereum price predictions
In 2022, Kryptovault’s CEO, Kjetil Hove Pettersen, said that the price of ethereum will likely be more volatile than bitcoin. In response to a question about whether it might also outperform Bitcoin in regards to value growth over time, he answered: “It’s possible, but there are risks associated with every altcoin just like any other cryptocurrency.”
Peters of eToro’s crypto wasn’t willing to offer a firm target for ETH. However, he did say that if demand from both institutions and retail investors looking for alternative investments is combined with less supply due to the EIP-1559, there could be a price increase.
The CleanSpark founder, Bernardo Schucman, made a bold prediction that “ETH will move towards 20K USD because of the great number of new DeFi and tokenization projects.” The reason for this bullishness is his belief in what he calls “deflation 2.0,” or an environment where assets are becoming less tied to fiat currencies like dollars. Instead, they are backed by real gold ETFs (exchange-traded funds).
Lastly, Bloomberg’s Senior Commodity Strategist Mike McGlone also has a rather vague prediction for ETH. He says that it “appears on track with support around 4K” but does not provide any timeframe or explanation as to why he expects this price movement in particular over other potential outcomes.