Price forecasts for the whole year typically occur in January, and 2022 was no exception. Early in the year, price forecasts for Bitcoin, Ethereum, altcoins, meme coins, and the cryptocurrency industry as a whole were in high demand. Few analysts projected that 2022 would be a challenging year both for stock and cryptocurrency investors. The claims made in January of this year, however, are in sharp contrast to the current situation in October.
1. The Price of Meme-coins Will Skyrocket
In 2021, meme coins were all the rage, and investors rushed
to the brand-new, unpopular cryptos. Price forecasts for the rise of meme
tokens in January 2022 were all over the map. Though it is generally
acknowledged that meme-token prices rose astronomically last year and a small
number of people made large sums of money, this will not be the situation in
2022.
The hardest-hit coins are the meme coins, which have lost
roughly 90% of their value since their all-time highs last year. Shiba Inu,
dogecoin. Floki Inu, Baby Dogecoin, and other cryptocurrencies are severely
affected and show no signs of recovering. Not only won't the forecasts that
2022 will be the year of meme-coins come true, but they won't in the near
future either.
2. Bitcoin to $100,000
In late October 2021, there were several predictions that
Bitcoin would hit $100,000 by the end of the year. In November of last year,
Bitcoin reached an all-time high of $69,000 and has since only fallen in price.
But early this year, analysts doubled down and predicted that BTC would finally
reach $100,000 by year's end.
BTC is down 72% out of its ATH and is currently around
$19,000. Global macroeconomic reasons increase the likelihood that the price of
the king cryptocurrency will fall further rather than rise. Another forecast
that may not come to pass this year is that Bitcoin will hit $100,000 in 2022.
3. Ethereum Will Overtake Bitcoin in Value
Early in the year, analysts also enjoyed discussing how
Ethereum might surpass Bitcoin in 2022. It was predicted that now the Ethereum
Merge would be so prosperous that ETH will surpass BTC. Thankfully, after the
markets crashed to new lows in Q2 2022, none of these predictions came true.
This year, Ethereum has not surpassed Bitcoin, and the
prediction will not come to pass. The deluge of recent news and upcoming
projections will eventually bury all three predictions. It is therefore
advisable to conduct a study rather than depending solely on price forecasts
before investing heavily in cryptocurrencies.
