Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Bitcoin market watchers had varying price targets for 2022.However, none foresaw any drama that characterized the crypto space.
Bitcoin (BTC) market watchers were aplenty in 2022 as the price of the leading crypto plunged to new lows. Before the turn of the year, some of these pundits predicted that BTC would build on its November 2021 record high of approximately $70K. According to these bullish market watchers, including popular venture capitalist Tim Draper, Bitcoin would attain new record highs in 2022.
However, other market players were less optimistic about BTC’s price trajectory and instead accurately foresaw a plunge below $20K. Some pundits were even more bearish and did not rule out the prominent crypto sinking further to $10K.
Nonetheless, 2022 came with a string of unsavory surprises within the digital currency space. These surprises include the mid-year epic failure of stablecoin TerraUSD that crippled several investors. Furthermore, the crypto industry’s 2022 woes also constituted the recent dramatic FTX collapse that triggered an insolvency crisis.
Amid the tumult within the crypto space, investors have also had to weather rising interest rates due to runaway inflation. The rate hike has subsequently piled pressure on riskier assets such as stocks and digital currencies.
Even the most bearish Bitcoin market watchers must have been caught off guard by the developments of 2022. The prominent crypto is currently at a massive 75% drawdown since its November 2021 all-time high of $69K. In addition, the entire crypto market is presently down at a $2 trillion deficit from a year ago. Case in point, BTC was changing hands at just under $17K as of the time of writing.
2022 Bitcoin Market Watchers: Notable Bears
Bitfinex and Tether chief technology officer Paolo Ardoino previously predicted that BTC would fall well below $40K in 2022. However, Ardoino added that he expected the world’s largest crypto by market cap to end the year well above $50K.
When contacted this month on his earlier prediction, Ardoino stated:
“As mentioned, predictions are hard to make. No one could have predicted or foreseen the number of companies, well regarded by the global community, failing in such a spectacular fashion.”
However, the Bitfinex CTO also doubled down on his faith in Bitcoin, saying:
“Some legitimate concerns and questions remain around the future of crypto. It might be a volatile industry, but the technologies developed behind it are incredible.”
Other 2022 BTC bears and their price predictions at the time included Deutsche Bank ($28K), JPMorgan ($13K), and Absolute Strategy Research ($13K).
This year’s Bitcoin market-watching bulls also featured some notable names, including Tim Draper, crypto lender Nexo, and former Seba CEO Guido Buehler.
Draper was the most optimistic of the lot by a mile and predicted that BTC would surge to a lofty $250K. The prominent investor was so confident in his forecast that he even channeled some parts of his persona around BTC’s motif.
However, it is safe to say that Draper’s predictions would not materialize this year at least. When recently asked about his lofty prediction, the Draper Associates founder claimed his prediction would materialize – in six months.
Meanwhile, Nexo CEO Antoni Trenchev previously foresaw Bitcoin shooting past $100K in 2022, while Guido Buehler once angled for $75K. According to the former chief executive of regulated Swiss bank Seba, institutional investors would drive the price higher.