Boom Time Expected in Bitcoin Prices in 2022 – AiThority

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Boom Time Expected in Bitcoin Prices in 2022 – AiThority

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Bitcoin price drop will be seen as a major buying opportunity amongst investors with the value likely “to double over the next 12 months”, predicts the boss of a global financial giant.
The prediction from Nigel Green, chief executive and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations, comes as Bitcoin fell almost 8% on Friday after the discovery of a new Covid-19 variant called B.1.1.529.
Bitcoin, the world’s largest cryptocurrency, is now down 20% from an all-time high of nearly $69,000, which it hit earlier this month.
Nigel Green says: “The discovery of a new COVID variant has rattled global stock markets as it brings in a new wave of uncertainty – which they hate.
“The crypto markets have mirrored the reaction of other financial markets. This underscores how mainstream digital assets have now become, as an increasing number of institutional investors have piled into Bitcoin this year.
“But for this reason, when they temporarily reduce exposure to most risk-on assets, despite the longer-term outlook, they also do the same with Bitcoin.  In turn, due to Bitcoin’s mammoth market share, it weighs down the entire crypto sector.”
Nigel continues: “However, I think this a knee-jerk reaction from the crypto market. It will move on from this relatively quickly as it did with the Delta variant in the summer.
Given the current trends in Bitcoin prices, Du Jun, Co-founder of Huobi Group stated BTC price ended upsurge during daytime and adjusted horizontally.
According to data from Huobi Global, after BTC rushed to the 57500 position in the early hours of this morning, price maintained small fluctuations and adjusted horizontally during daytime. It is now at the 57200 position, which is basically the same as the morning. Judging from the 4h K-line, the rapid increase of BTC price in this round is a callback after the rapid price decline on the 26th. From the final position, the highest point of this round of rebound is 58221. Although it breaks the neckline, to reverse the empty trend, it still needs to further breakthrough 59,000 upward, which is the maximum point of the last rebound. But whether this trend can be formed remains to be tested. The K-line runs near the upper rail of the Bollinger Band, and EMA5 crossed EMA10 and EMA20 steeply.
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Partly, because now we have more of a roadmap of how to deal with variants. But importantly because amongst retail investors it is increasingly regarded as a safe haven asset, similar to gold.”
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Bitcoin is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralized, scarce, and a store of value.
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“In addition, investors will once again focus on the heightening global inflation fears caused by lingering supply-side issues,” says the deVere CEO.
“As such, amid some peaks and troughs along the way as markets never move in a straight line with traders taking profit, we can expect to see the price of Bitcoin and other major cryptocurrencies continue their upwards trajectory.”
Bitcoin is widely regarded as a shield against inflation mainly because of its limited supply, which is not influenced by its price.
“This ‘inflation shield’ will continue to bring to the crypto market growing investment from major institutional investors, bringing with them capital, expertise and reputational pull – and further driving up prices.”
Mr Green goes to on say: “This dip in cryptocurrencies – which are, of course, the inevitable future of money, will be used by savvy investors as a major buying opportunity, topping up their portfolios with the current lower entry points.”
He concludes: “Bitcoin is unstoppable, and I fully expect to see prices double over the next 12 months.”
Du Jun added, “From the daily level, today’s price increase has not broken the falling rectangle since 11th of this month, and the downward trend still exists. In the short-term, focus on the amplitude of the fluctuation and pressure level at 59,000.”
According to data from Huobi Global, the price of ETH stopped rising during daytime, changed its direction and adjusted horizontally, which maintained a trend consistent with the price of ETH. Judging from 4h K-line, although ETH’s current upward trend was steep, it was actually only half of the decline on the 26th, hadn’t formed a really effective breakthrough, and the transaction volume did not rise sharply. The opening of the Bollinger Band shrinks, and k-line oscillates slightly near the upper rail of the Bollinger Band. There may be a downward adjustment in the short term. Pay attention to changes in the magnitude and direction of price adjustments.
In terms of contracts, the data of Huobi Futures showed that BTC contract holdings remain unchanged, contract trading volume increased slightly, and the contract market is relatively inactive. There is no change in the basis of the delivery contract.
ETH contract holdings kept the same, contract trading volume remained unchanged, and the contract market was relatively inactive. The basis of the delivery contract remained basically unchanged.
Sudipto Ghosh is a tech buff with industry-recognized experience in creating B2B web and technical content for digital agencies and publishers covering the space in Automotive, Artificial Intelligence, Big Data, Shipping, Metallurgy, Textiles, Pharma and Health, Media and Entertainment. Apart from digging into MarTech, HR Tech, SalesTech AI labs and interviewing the C-suite executives, Sudipto enjoys watching nature and paintings. The darkest gym in the city’s outskirts is the next best place to track Sudipto on the weekends.
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