Bitcoin price will continue its meteoric rise in price through 2022, can reach $200,000

Despite losing ground with a $100,000 Bitcoin price prediction in 2021, Former Chief Strategy Officer at Block One Brock Pierce and co-founder of research firm Fundstrat Global Advisors Tom Lee think Bitcoin could hit $200,000 in 2022. Compared to the current price of $46,735, this number is too far away.

bitcoin-price-will-continue-its-meteoric-rise-in-price-through-2022-can-reach-200000

BTC/USD 4-hour chart | Source: TradingView

They are essentially doubling down on their ambitious prediction for 2022, even though Bitcoin’s top watermark of $69,000 was set on November 10. Tom Lee predicted $200,000 for BTC during the discussion at the Market Rise Roundtable on December 23.

“So maybe Bitcoin is, you know, in that $200,000 range. I mean, I think that’s achievable, and I know it sounds fantastical, but it’s very useful”, he stated.

Lee previously maintained his 2021 BTC price prediction of $100,000 at the end of October after ProShares launched the first Bitcoin ETF in the United States. At the time, he also predicted that Bitcoin ETF would attract at least $50 billion in the next 12 months. US Bitcoin ETFs currently hold around $1.5 billion in assets between Valkyrie, Van Eck, and ProShares offerings.

Pierce meanwhile told Fox Business on December 29 that it was conceivable that it could break $200,000 for a moment and come falling back again. In a January 22 article at the beginning of the year, Pierce cited $100,000 at the top of the range for 2021.

“There are not many levels where I (anticipate) Bitcoin seeing resistance. We could get anywhere from $70,000 to $100,000 by the end of the year, but it will not be without volatility”, he stated.

Renowned anonymous Bitcoin price analyst Plan B has made a name for himself with his price predictions and stock movement patterns. On June 20, PlanB correctly predicted that BTC would hit $63,000 in October but missed the $98,000 mark, and $135,000 for November and December was his worst-case scenario. To be fair to Pierce, the end of the range was hit on November 10.

PlanB has defended its predictions by claiming the accuracy of its statistical models is within one standard deviation.

“$50K-$200K 1 standard deviation band feels wide. Some people think this makes the S2F model invalid and not useful, but is it? Last cycle S2F model average was $7K with a 1sd band of $3.5K-$14K. Not wide from the current $50K perspective. Next cycle band will be $0.5M-$2M .. useful IMO”, he said in a December 25 tweet.

bitcoin-price-will-continue-its-meteoric-rise-in-price-through-2022-can-reach-200000

Source: PlanB/Twitter

Founder and CEO of Ballet Crypto Bobby Lee predicted that BTC would hit $300,000 this year back on March 22 on CNBC’s Squawk Box. This is one of the most ambitious predictions that will fail this year.

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