Despite fizzling with their $100,000 Bitcoin cost forecasts in 2021, Former Chief Strategy Officer at Block One Brock Pierce and co-founder of research study company Fundstrat Global Advisors Tom Lee are both tipping Bitcoin might strike $200,000 in 2022.
Essentially they are doubling down on their enthusiastic forecasts for 2022, despite the fact that Bitcoin’s high water mark of $69,000 was set on Nov. 10 and BTC is presently trading at $46,270.
Tom Lee forecasted $200,000 for BTC in the Dec. 23 Market Rebellion Roundtable conversation. He stated in the conversation:
“So maybe Bitcoin is, you know, in that $200,000 range. I mean, I think that’s achievable and I know it sounds fantastical, but it’s very useful.”
Lee formerly preserved his 2021BTC cost forecast of $100,000 as late as October due to ProShares introducing the very first Bitcoin ETF in the U.S.A..
At that time, he likewise forecasted that Bitcoin exchange traded funds (ETF) would draw in a minimum of $50 billion over the next 12 months. American Bitcoin ETFs presently hold about $1.5 billion in properties in between Valkyrie, Van Eck, and ProShares’ offerings.
Pierce on the other hand informed Fox Business on Dec. 29 that it was “conceivable that it could break $200,000 for a moment and come falling back again.”
In a Jan. 22 article at the start of the year Pierce had actually pointed out $100,000 at the top of the variety for 2021:
“There really are not many levels where I (anticipate) Bitcoin seeing resistance. We could get anywhere from $70,000 to $100,000 by the end of the year, but it will not be without volatility.”
In fairness to Pierce, the lower end of the variety was certainly struck on November 10.
Popular confidential Bitcoin cost expert Plan B has actually made his name with his cost forecasts and stock to stream design. On June 20, PlanB properly forecasted that BTC would strike $63,000 in October, however missed his $98,000 and $135,000 marks for November and December respectively as his “worst case scenario.”
PlanB has actually safeguarded his forecasts by declaring the precision of his analytical designs to within one basic variance. Although his cost forecasts were off, he stated in a Dec. 25 tweet,
“$50K-$200K 1 basic variance band feels large. Some individuals believe this makes S2F design void and not helpful, however is it??”
Related: Bitcoin dips below $47K but one trader is eyeing ‘solid risk/reward’ for longing BTC now
Founder and CEO of Ballet Crypto Bobby Lee predicted that BTC would hit $300,000 this year back on Mar. 22 on CNBC’s Squawk Box. This was one of the most ambitious predictions to miss the mark this year.
Each public figure’s wrong predictions go to highlight the need to Do Your Own Research (DYOR) in cryptocurrency investing and to take price predictions as a bit of fun, rather than a serious guide to the future.