2022 Has Arrived! Will It Be a Good Year for Bitcoin?
What does 2022 have in store for bitcoin? While it’s impossible to assume what may or may not happen, there are a few patterns that have occurred in the currency’s short history that could give us some clues as to what we can expect from the world’s number one digital asset over the next 12 months.
Bitcoin Has Had a Solid 12 Months
Bitcoin had a big year in 2021. There is no doubt about that. Between the currency’s rising price and regions like El Salvador declaring it legal tender, one could easily argue that 2021 was the year of bitcoin. However, the past is past, and the future is now. What does that future hold? That’s the big question many analysts appear to be asking themselves, and they seem split right down the middle when it comes to where the currency will sit.
Not long ago, Live Bitcoin News published a piece discussing the potential for bitcoin’s price in the year 2022. Will it be up or down? While some felt that the currency had the chance to hit the $100,000 mark over the next 12 months, there were several others that felt convinced the currency could somehow come crashing down, and when one looks at the price patterns that bitcoin has followed in the past 12 years, one can see where both sides of the argument are coming from.
2018, for example, marked a time of great failure and disappointment for BTC. The currency fell into an oblivion that some never saw it exiting. Despite trading for nearly $20,000 per unit at the end of 2017 – a high for BTC at the time – the following year saw bitcoin priced at under $4,000 in the latter months. It was an ugly end to one of the most surprising and heart-pumping bull runs of all time, and analysts couldn’t help but be a little down in the dumps.
The drops came after two solid years of spikes. 2016 saw bitcoin rising beyond $1,000 per unit for the first time in over three years, and 2017 saw things explode even further. 2018 was a time of great tragedy for traders given the many falls BTC incurred.
Could Things Stay Strong or Fall?
Will 2022 feature the same behavior? After all, the currency rose to great heights in 2021 and 2020. Perhaps the next 12 months will feature aspects of 2018 that will be all too familiar to investors…
Then again, perhaps not. Bitcoin has achieved a level of mainstream attention that was not present three or four years ago. The currency is considered far more legitimate, and there are many companies either investing in it or allowing it to be used as a payment tool. Thus, one can assume that while past patterns might suggest another drop, bitcoin now has the support it needs to stay afloat.
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