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Experts Are Optimistic About Bitcoin's Performance In The Coming Year

Bitcoin maintained its growth in 2021 and rose to a record high of 69,044 USD in November, and the total market value of cryptocurrencies reached a record high of 3 trillion USD. Increasing demand for Bitcoin from institutional investors and the entry of more corporate entities are driving the market higher.

However, due to Chinese legislation prohibiting any activities related to cryptocurrency, Bitcoin holders in China began to sell before law enforcement, which forced Bitcoin to drop by nearly 30% at a high level. The current transaction price of each coin is about $50,000. However, Bitcoin has performed well on long-term indicators. The transaction price of Bitcoin is higher than its 200-day moving average price of $47,272. This shows that Bitcoin is still strong and the price has room to rise. Moreover, after the beginning of next year, when the market digests the news of the Chinese sell-off, the pressure on the market from the sell-off is expected to end or be reduced. The price of Bitcoin may surge. Once this happens, MACD and RSI will return to the positive zone.

Market experts believe that 2022 will be a better year for Bitcoin after analysis. The cryptocurrency exchange believes that the United States will launch the first spot Bitcoin fund (ETF) in 2022, mainly because the cryptocurrency market is now sufficiently large and mature. Many people are optimistic that the SEC will approve at least one proposal next year.

New York CPA Kate Waltman specializes in encryption and expects Bitcoin to reach $100,000 in the first quarter of 2022. "The most knowledgeable educator in the field predicts that Bitcoin will reach $100,000 in the first quarter of 2022 or earlier," she said.
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