Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Hougan noted that there is a possibility of a cryptocurrency rally in 2022, mainly due to the growing institutional support. Hougan stated that, “I believe as we check out 2022 we still have these essential drives, the institutions we speak with every day at Bitwise,” and added that many institutions are still getting in the marketplace for their first time.

Hougan stated that $100,000 is not a sensible prediction for […] He stated Monday that $100,000 might be within reach in 2022, but this year, hes not so certain.”

The crypto neighborhood has actually been closely monitoring Bitcoins rate this year. Significant figures in the industry have forecasted that BTC will reach $100,000 by 2021. These consist of PlanBs stock-to-flow design developer PlanB and Standard Chartereds cryptocurrency research department.

According to Matt Hougan, primary investment officer at Bitwise, Bitcoin will not reach brand-new all-time highs within the next 3 weeks after a major crash in cryptocurrency markets. It might even surpass $100,000.

CIO also anticipates that there will be an “surge in activity constructed on Ethereum” in 2022. Layer-one services are those who aim to improve the base procedure to scale the system, instead of developing a new protocol.

Some cryptocurrency investment professionals question that Bitcoin (BTC), a cryptocurrency, will reach $100,000 by 2022 as the year draws near.

Hougan acknowledged the possible development of altcoins, or coins besides Bitcoin, but some prominent members of the crypto neighborhood stay committed to Bitcoin.

Bobby Lee, the creator and CEO at crypto hardware wallet Ballet, said Monday that Bitcoin is more valuable than altcoins, since it isnt backed by any kind of task or a guarantee that could fail.

” Investors will be looking at Ethereum Solana or Polygon. Financiers are beginning to see that there is more to crypto than Bitcoin. Hougan predicts that next years larger story will be crypto as NFTs, DeFi, Web3 and metaverse.

Related: Bitcoin will reach $250K in January 2022, but S2FX BTC price models are revoked– New forecast

Financiers are beginning to see that there is more to crypto than Bitcoin. The crypto community has been closely keeping an eye on Bitcoins rate this year. According to CoinGecko information, Bitcoin trades at $51,290 as of the writing. Bitcoin reached its greatest point above $67,000 mid-November after it was released at $30,000 for 2021.

Others within the crypto community are more hesitant.

The year 2050 is here: “One more shakeout to #Bitcoin, and its moontime!” 100k EOY Ok Grandma, lets go to sleep. pic.twitter.com/F9RoBF8qdo
— Lunch Money (@LunchMoneyMitch) November 10, 2021

He stated Monday that $100,000 might be within reach in 2022, but this year, hes not so certain.”

Chart of the Bitcoin price over one year Source: CoinGecko
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According to CoinGecko data, Bitcoin trades at $51,290 as of the writing. This is a significant recovery from Saturdays drop below $47,000. Bitcoin reached its highest point above $67,000 mid-November after it was gone for $30,000 for 2021.

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