Wednesday, May 22, 2024

Market Watch Jan 29: Bitcoin Holds Onto 37k, Survey Of Price Gains Less Optimistic

The crypto market has crossed 2022’s most turbulent week head-on while losing around half of its capitalization. The majority of the new investors took to selling off their cryptos to reduce their positions on risky assets. The confident investors, those who have been investing in cryptocurrencies for years, have preferred to hold onto their assets while waiting for the crypto winter to pass.

Bitcoin is consolidating for the recent downward price swings. Its high volatility keeps pulling it down and off its 100k mark, as was predicted for the end of the year. A survey by Finder says BTC could rise to the highs of USD 93,000 and close to USD 193,000 by the end of 2025. This shows the expert’s “optimism”. If this holds any truth, it means BTC could end 2022 at $76,360 mark.

33 fintech specialists, including academics and industry leaders from the crypto space, participated in the survey. David Klinger, Founder of Coteries Corporation, believes that the popular crypto will become more accessible through more established financial institutions and products like ETFs. As such bitcoin will continue to rally in the short to medium term.

Vanessa Harris, Chief Product Officer at Permission, a crypto startup, says bitcoin is best positioned to be the store of value. Many investors seek out the world’s most popular cryptocurrency to weather higher inflation. Daniel Polotsky, Founder of CoinFlip, was very much pessimistic. He doesn’t see BTC moving above the $60,000 mark in 2022. Polotsky highlighted the deflation of bubbles that have been created by the Federal Reserves. He said the global economy is shaky as inflation has reached nearly 7% in the United States. The CoinFlip founder believes that the Fed’s asset bubble will spill over into bitcoin.

But crypto enthusiasts are nevertheless sticking to their guns. Gavin Smith, CEO of Panxora Group, believes the second half of 2022 will be better. He expects bitcoin to decouple from other risk assets and rally to new highs.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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