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Is $100k still in sight for bitcoin in 2022?

trailblazerPosted for Everyone to comment on, 4 months ago4 min read

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When bitcoin missed out on the popularly predicted $100k level last year, the general conviction was an inevitable breach of $100k in 2022. Unfortunately, things haven’t really gone as plan. Somewhere in-between the big green candles and the cup-shape formation are many uncertainties. These uncertainties have an even bigger effect on human behaviour than the normal greed and fear index. We’ve seen that happen with the pandemic and now a full-blown military invasion. The effect of the conflict on cryptocurrency prices is rather controversial as metric shows a positive effect on adoption and popularity. The price action says otherwise though.

Bitcoin’s price keeps fluctuating between $35,000 and $50,000. For the greater part of the year, it has stayed below half the $100,000 target. Last year’s ATH is looking like a hurdle at this point. Somehow the $100,000 predictions are still alive as the hopes of a major upset continues to keep investors’ expectations high. Taking a look at presiding events, are we still set for 6-digits per bitcoin?

We might have squashed that rumour that Micheal Saylor is secretly selling his bitcoins; I wouldn’t blame him if that eventually turns out to be true. The market has been negatively volatile and the diamond hands might even get shaky. ‘Selling the dip’ is a rather prominent move at this point. And Saylor is only human anyways.

Ukraine continues to hold their lines against their invading neighbours and a couple more proximal nations are joining the conflict actively. The spread is a major concern and it might be a matter of time before other major nations take drastic actions. The widespread sanctions have proven futile as the Russian military is unfazed by these civil actions. The war in Ukraine has had a major impact on human behaviour and the controversial reports coming from this location have relative effects on price movements. Not just cryptocurrencies, other sectors have seen tangible effects of the conflict.

Ethereum is known to lead major altcoin moves; unfortunately, it has done nothing but follow bitcoin closely. Despite holding strong positions, it has basically been responsive to the tides. But on the brighter side, a whole lot of major developments are coming to the smart contract technology originator. Heard about the merge? Well, ethereum 2.0 might take even longer. But these developments could trigger major moves. Regardless, bitcoin’s dominance could throw these attempts to the mud.

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This year has seen a major increase in government and national involvements in digital assets; some positive, others… Politicians claiming ‘pro-bitcoin’ are on the increase, even though they barely understand the technology. But any marketing is good marketing, right? I think so. United States and United Arab Emirates are putting up regulations and institutions to spearhead their efforts to dive into the digital assets market. Government involvements in cryptocurrency has been majorly negative but things could go the other way.

Sequel to Terra foundation’s stable coin idea, many other cryptocurrency projects are weighing up the idea of creating a stable coin backed by bitcoin. These purchases could create a supply shock as more bitcoins are locked as collateral for stable coins.

A couple of positives to put hopes on. Russian military might as well decide to put their weapons down and hearken the peace talks, but this is looking unlikely. Regardless, it’s not completely dark; for now. We are still many weeks away from the second quarter and there is still enough time for surprises. $100,000 is still on the cards, in my opinion but the chances are slim…obviously.
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