Opinion: Bitcoin Could End The Year on a High Note
No doubt the crypto space is in a bad place right now. The price of every major coin has taken a serious hit in recent weeks, with bitcoin, for example, falling into the mid-$20,000 range last May. At the time of writing, the world’s number one digital asset by market cap is trading for just over $30,000, suggesting a small improvement, but this is small compared to the $68,000 price bitcoin enthusiasts were witnessing as recently as November of 2021.
Bitcoin May Be Coming Back
However, there is a big question that needs to be asked… Doesn’t this all look familiar? When one compares this time to the same period in 2021, things really aren’t very different, and that, in many ways, offers a serious ray of hope.
As we all remember, the first half of 2021 saw bitcoin reach a new high of about $57,000. While this wasn’t $68,000, it was pretty darn close. The spike came after major events such as Elon Musk announcing that Tesla vehicles could be bought with crypto (what a fluke that turned out to be), and Coinbase going public on the Nasdaq, giving retail investors the chance to buy stock in the company.
Despite these big hits, it didn’t take long for crypto to suddenly experience a wide array of crashes that caused the currency to reach a low of about $29,000 during the summer months of 2021. This isn’t all that different from what we’re seeing today. The only real change is that the previous all-time high of $68,000 was larger than what bitcoin accomplished during the first half of last year, but in retrospect, we are seeing many similarities between this year’s circumstances and last year’s.
If this continues, we may see a resurgence in the bitcoin price much faster than what we’re initially anticipating. As we all know, the dips of last year lasted through the summer. Many thought the world’s mightiest form of crypto had peaked with its $57,000 price. Overall, the currency wound up losing close to $30,000 before recuperating in the latter half of the year. That’s when bitcoin shot up to $68,000.
Thus far, with so many of 2021’s trends continuing into 2022, it may be possible that bitcoin could still end this year on a high note. Perhaps the currency will strike a new chord with traders and reach a new all-time high… One that puts its previous $68,000 figure to shame.
Will the End of 2022 Be Different?
While this may sound overwrought or “too positive” for the present circumstances, the prediction shouldn’t be considered strange as it’s exactly what occurred in 2021, and putting everything side by side, we can see that last year and this year have witnessed similar behaviors.
Maybe this can provide investors with a little hope that a new high is closer than they think.
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