The recent Bitcoin halving caused a large number of investors to return to their old habits, with plenty of talks starting to circulate across social media. Some people asked the question “can Bitcoin reach $100,000 by 2022” on what many investors and analysts decided to weigh in.
And while this price mark is a possibility for the Bitcoin news in the future, it is important to stay with a cool head and understand that the market is far different to how it was in 2017 when the flagship coin surged to its all-time high and $20,000.
Two years ago, the entire cryptocurrency market was driven by two things:
- the ICO boom which saw companies raise hundreds of millions on the back of poorly written white papers, and
- the influx of hype-driven investors and analysts who believed they could get rich quick by following the trend.
On top of this, we have the ICO bubble bursting since 2017, when investors made a lot of money because companies were trying to build “the next Bitcoin” or “the next Ethereum” and plenty of people were investing in projects like these.
1/ It’s now obvious that ICOs were a massive bubble that's unlikely to ever see a recovery. The median ICO return in terms of USD is -87% and constantly dropping. Let's look at some data! pic.twitter.com/zmCXVPjup6
— Larry Cermak (@lawmaster) August 7, 2019
So, can Bitcoin reach $100,000 by year 2022?
The opinions are mixed in the crypto news. One of the main reasons why Bitcoin rose so rapidly in 2017 was because investors made substantial profits on altcoins. As the market was immature, they would then sell their coin directly for Bitcoin, thus causing a massive increase in price.
The ICO boom also lured the “get rich quick” types of investors into the market. These investors were basically people who work regular 9-to-5 jobs but are clueless about crypto trading and just want to make a quick buck with limited time or resources.
All in all, the question “can Bitcoin reach six digits by 2022” is still something that has true potential but has been stalled because of market crashes before. A great example is given by a look at Google Trends (the photo above) which shows how the searches for Bitcoin have gone up and down over the years.
The bottom line is that until there is another influx of investors who believe they can get rich quick, BTC will struggle to break above its previous all-time high of $20,000 – let alone reach $100,000.
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