2022 has not been the year of Bitcoin; it has been worse than expected. While many investors expected relief from the lows of the previous year, the prices of Bitcoin and altcoins went even further down, dragging down the hopes of a relief rally.
It was in 2022 that it was even proved that stablecoins were not stable during the crash of TerraUSD. On the other hand, Bitcoin has been having a relatively quiet run in the market and has been struggling to break through the $25k price range.
However, many people still believe that the apex cryptocurrency can still reach the price range of $30k before 2022 runs out. Continue reading to find out our predictions about Bitcoin before 2022 runs out.
Bitcoin Price Analysis
Bitcoin, judging from its strides in late 2020 and 2021, has one of the worst bear markets, from reaching its all-time high of more than $60k to getting to less than $19k on November 9th, 2022.
Undoubtedly, 2022 has been horrible for Bitcoin and other cryptocurrencies, with most of them getting to prices that haven’t been seen in 2 or more years.
Bitcoin is currently in the $16k range as of the time of writing, which is one of the critical periods of the Bitcoin price cycle. Losing this price range could lead to more decline in the market. Traders can even expect the cryptocurrency price to test the $10k – $15k levels.
Right now, there’s little chance and hope that Bitcoin will get to the price of $30k before 2022 runs. Yes, people are expressing such hope, but the market situation for Bitcoin is very gloomy pending when things change in the market.
If Bitcoin can break the $25k support level, it can reach $30k before the year runs out. But if it continues to test to $15k and $20k levels, the price might not get to less than $30 k at the end of 2022.
Macro Factors that May take Bitcoin To $30k
When learning to predict cryptocurrency prices, you must also consider macro factors that may affect crypto prices positively or negatively.
In the case of Bitcoin, some factors suggest that the crypto prices might make a miracle turn from the current price on the market.
Q3 Earnings Report
Depending on the outcome of companies’ earnings in quarter 3 of 2022, it can greatly affect the price of Bitcoin. If the report that comes out of the Q3 is positive, it can affect the state of the financial market, including that of crypto.
Crypto-friendly Leadership in the UK
The new leader and Prime minister of the United Kingdom, Rishi Sunak, is a major crypto advocate, and that alone can boost the investment sector, including that of crypto.
If the prime minister should go forward and enforce crypto-friendly rules, it could put Bitcoin on the right part.
Feds Could Slow Down Interest Rates
There are expectations that the Feds will slow down interest rate hikes, which could lead investors to gain confidence in Bitcoin and boost the market.
If the Feds succeed in slowing down the interest rate hikes, the already bloody market can make a U-turn and bring the green candles back.
Even for those who know how to predict cryptocurrency prices, Bitcoin has had one of the worst years since it was created. It literally fell from the $60k it was and is struggling to keep up with $20k.
Bitcoin is one of many cryptos affected, as crypto prices are generally low on the market. Above, we made a Bitcoin price analysis and factors that can take Bitcoin to $30k in 2022.