Bitcoin and Ethereum price predictions for 2022

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Source: Adobe / Wit

Last year was another great year for the crypto-asset market, with the price of bitcoin (BTC) nearly doubling since the start of the year, and the total crypto market cap has increased by a bit. over $ 750 billion to almost $ 3 billion.

For bitcoin’s share, the price gains this year have been fueled by major developments like El Salvador becoming the first country to make cryptocurrency legal tender, and electric car maker Tesla has become the largest company in the world. this day to add bitcoin to its balance sheet.

Likewise, ethereum (ETH) has seen some major bullish developments this year as well, with the implementation of the EIP-1559 upgrade which first introduced a supply-reducing token-burning mechanism, arguably The most important.

And while 2021 has been a great year, 2022 could turn out to be even better for the crypto market, according to some analysts Cryptonews.com spoke to. However, as usual, opinions vary wildly.

To give an idea of ​​what to expect for 2022, we’ve reached out to a number of players in the crypto industry to find out their price predictions for BTC and ETH in 2022.

(As of this writing, BTC is trading at around $ 56,250 and is down 11% in one month, reducing its gains over the past 12 months to below 193%. ETH is fluctuating around $ 4,500 and is down almost 2% in a month. It increased 656% in a year.)

Bitcoin price predictions for 2022Source: CoinGecko

While the past year has by no means been a smooth one for bitcoin holders, with both significant rallies and deep corrections seen over the course of the year, all commentators were bullish on its price for next year.

“My prediction is that it will continue to be volatile, but the long term trend will be upward and it will more than double in terms of total market capitalization per year on average,” Kjetil Hove Pettersen, CEO of the Norwegian miner of Bitcoin. Kryptovault, said, adding:

“I expect a big increase in the near term, in 2022 we might see $ 140,000 or more.”

However, Pettersen also pointed out that it is “impossible to predict with precision” where price might go, and that technical analysis will not necessarily work when external factors come into play.

“[…] there are so many external factors and influences at play that it is difficult to apply the tradition [technical analysis] or historical comparisons, ”the Bitcoin miner said.

Meanwhile, Bernardo Schucman, senior vice president of the digital currency division of Bitcoin miner CleanSpark, was also bullish on the number one cryptocurrency over the next year.

“I believe in $ 250,000 per BTC at the end of 2022 based on the large number of Bitcoin mining companies that were founded in the United States in 2021,” Schucman predicted.

He added that these new miners are not only increasing the hashrate, or computing power of the Bitcoin network, but that they are also “powerful holders of the asset.”

“The last key, but very important, factor in maximizing the increase in the price of BTC will be greater adoption of the use of BTC wallets implemented in social media, such as Twitter,” Schucman added, noting that Bitcoin’s Lightning Network will offer “a big push for mass adoption of BTC.”

The most optimistic of the pundits we spoke to next year was Julian Liniger, CEO of Swiss bitcoin broker Relai, who said we may be close to seeing BTC adoption reach a whole new level in 2022. .

“Individuals, businesses and now even countries are starting to embrace bitcoin more and more and fiat currency inflation is on the rise,” Liniger told Cryptonews.com. He added that daily bitcoin price fluctuations “have grown from hundreds to thousands to tens of thousands, and will end in hundreds of thousands of USD in 2022”.

And if the CEO of Relai’a is right, next year looks extremely bullish for the number one cryptocurrency:

“I think 2022 will be the year bitcoin hits $ 500,000,” Liniger estimated.

Others were also optimistic about next year, although less than the extremely optimistic call from the CEO of Relai.

As popular independent and technical bitcoin chain analyst Matthew Hyland predicted in early November, bitcoin could hit $ 250,000 as early as January 2022, although that would require a large and rapid increase from the crypto’s current position. -cash.

Hyland justified its high price target by saying that we have yet to see euphoria like we saw in 2017 in the current market cycle, explaining that it should be seen in “the last part of a bubble”.

“I predict the euphoria will begin when bitcoin crosses $ 100,000,” Hyland wrote on Twitter just before the market began to correct lower in late November.

Finally, Simon Peters, crypto analyst at forex and crypto trading platform eToro, did not provide a firm price target, but said the price of bitcoin typically revolves around the halved block reward. every four years.

“We saw a bull market in 2013, 2017 and we see it now in 2021. However, where we saw parabolic price increases towards the end of the bull markets of 2013 and 2017, we haven’t seen it yet. this year, which suggests that there may be more price increases to come before reaching the ultimate high, ”the analyst said.

Ethereum price predictions for 2022Source: CoinGecko

Like bitcoin, ethereum also had its fair share of optimism in 2021.

However, the second most valuable crypto-asset is known to be more volatile than bitcoin, and according to some of the analysts we spoke with, it’s also more difficult to predict. As such, fewer commentators were willing to give firm price targets on ETH.

“I dare not speculate” on the evolution of the price of Ethereum in 2022, said Kjetil Hove Pettersen of Kryptovault, while noting that it will probably be “even more volatile than bitcoin”.

“It is possible that it outperforms bitcoin, but there is also a lot more risk associated with it, as with every altcoin,” said the CEO of Kryptovault.

On a related note, eToro crypto analyst Simon Peters said ETH could see higher prices due to a combination of higher demand and lower supply, although that he is unwilling to offer a firm goal.

Demand from institutions and retail investors seeking alternative investments, combined with a “decrease in the supply and slower circulation of new ETHs” due to the EIP-1559 could lead to ” a potential price increase “for ETH, the analyst said.

He added that more of ETH’s existing supply is now stuck in staking contracts. This is in addition to the supply already blocked in decentralized finance (DeFi) applications and a decreasing supply of ETH on the exchanges, the analyst explained.

Among those who dared to come up with a more specific target was CleanSpark’s Bernardo Schucman, who predicted that DeFi’s growth and a general trend towards greater tokenization would push the asset to new heights in 2022.

ETH “will be heading towards $ 20,000 due to the large number of new DeFi and tokenization projects developing in the ecosystem,” Schucman said.

Finally, Bloomberg senior commodities strategist Mike McGlone also has a rather vague prediction for ETH, saying in a November crypto market report that it “looks on the right track for $ 5,000. , with support of around $ 4000, “albeit within an unspecified time frame.

Last month’s prediction follows the analyst’s bullish comments in the September Crypto Outlook, where he said ETH is ‘gaining ground’ amid ‘falling supply’ and demand growing.

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