We can all agree that Bitcoin has had a pretty successful 2021, with a host of milestones that have occurred against the background of growing interest in digital currency across the world.
The cryptocurrency is nearing about 70 percent since January 2021, which has led to a growth in the virtual coin market’s value to a combined $2 trillion in value.
This phenomenon has occurred at a time when the first major crypto firm went public, along with the increased involvement of Wall Street powerhouses in addition to the approval of the first U.S. exchange-traded fund associated with Bitcoin.
Nonetheless, Bitcoin has had its challenges stemming from the increased regulatory oversight experienced across various jurisdictions across the world as governments and law enforcement agencies strive to stamp out crypto crime globally.
Coupled with the dramatic price changes that add to Bitcoin’s inherent volatility, there is no denying that 2021 has been a rather bittersweet year for the world’s biggest cryptocurrency – it turns out that a host of experts are sounding the alarm over a possible Bitcoin market downturn in the coming year.
What Are the Experts Saying?
Britain’s leading online newspaper, The Independent, crowded in the thoughts of experts to gather their predictions and forecasts for Bitcoin for the New Year 2022. The crypto experts included: Marcus Sotirious from the UK crypto asset broker GlobalBlock, Steve Erlich who heads the crypto platform Voyager Digital and Alexey Kirienko of the investment company EXANTE.
The three experts noted that 2022 would be pivotal for Bitcoin in light of the expected ups and downs that would be witnessed amid the prevailing economic conditions brought about by the COVID-19 pandemic.
Both Steve Erlich and Marcus Sotirious predicted that the Bitcoin price will reach and go beyond the $100,000 mark at the end of the year 2022. Alexey Kirienko, on the other hand, predicted a difficult start in 2022 followed by a positive change for Bitcoin in the second quarter of the New Year.
Notably, Sotiriou asserted that the world will not be witnessing another crypto winter like the one that happened in the year 2017. While speaking to The Independent, he said:
“In my opinion we will not have another crypto winter like there was after 2017. This is because the key difference between the market now and then is the fact that so many institutions are involved in the space now. Access to retail has been made significantly easier through the likes of PayPal and Square offering crypto products to their clients, as well as institutions investing for their own balance sheet. This means that the structure of the market is completely different. The proportion of retail investors is lower, who are more likely to panic and sell their investments when sentiment is bearish.”
Well, a November Yahoo finance article had provided predictions about an expected crypto winter 2021 when Bitcoin prices would come tumbling down due to aggressive events happening in China and other crypto mining hotspots.
