Bitcoin (BTC) Ends Year 73% Up Despite Disappointing December
Positive sentiment dragged on throughout November following Bitcoin’s all-time high on the 9th, and continued into early December as enthusiasts clung tightly to the promise of $100k. Sadly, with Bitcoin losing $50k in early December and never fully recovering, that promise didn’t materialized. All the charts and analysis in the world couldn’t have predicted such an uncharacteristically weak close to a year that at one point promised spectacular highs for the world’s leading cryptocurrency.
Much of the expectation was based on the historical movements of previous halving cycles, coupled with popular analysis evaluating Bitcoin’s supply vs demand, amongst other factors. Up 73% this year, many analysts think Bitcoin still has more upside to come: as it continues to close higher lows, the case for a bull market remains.
Here are some predictions for Bitcoin in the coming year:
Trader Willy Woo sees good things for Bitcoin in the coming year, posting a chart on Twitter stating “The technical name for this chart is “2022 is gonna be a good year”.”
The technical name for this chart is "2022 is gonna be a good year". pic.twitter.com/SoHoPhUpvR
— Willy Woo (@woonomic) October 16, 2021
His findings are based on Bitcoin Long Term Holder Supply Shock, which predicts upward price movements at times of peak accumulation.
Despite losing some credibility with his faltering stock-to-flow (S2F) model, Twitter’s Plan B remains popular, recently asked his followers where they think BTC will be in a year from now. After 178,985 votes, the majority (32.6%) voted BTC will be between $100k-$200k. However, $50k-$100k came in a very close second with 31.1% of the vote, revealing mixed sentiment amongst investors. Only 12.6% said the coin will be above $200k.
Trader TechDev echoes Willy Woo’s comments, posting a chart which indicates Bitcoin is still on track for a top near $300k. The chart uses prior halving cycle data and Bitcoin’s Relative Volatility Index (RVI) to predict continued growth through early 2022.
Nothing has changed on the #Bitcoin macro picture. pic.twitter.com/1tgnQMOJEh
— TechDev (@TechDev_52) December 29, 2021
The post Bitcoin (BTC) Ends Year 73% Up Despite Disappointing December appeared first on Cryptocoin Spy.
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