Cryptocurrency has been quite volatile in the past month, but according to a market analysis firm bitcoin and Ethereum Huge rises may be at the door.
FSInsight Claims Bitcoin Could Reach $200,000 and Ethereum $12,000 By 2022
In a note to its investors, FSInsight claimed that the price of Bitcoin could reach $ 200,000 in the second half of 2022. This level means that the BTC price has increased by 462% from the level at the time of this writing.
Making a separate forecast for Ethereum, FSInsight claimed that the world’s largest altcoin could rise as high as $12,000 this year.
The company’s report cryptocurrencies It is stated that it is increasingly linked to technology stocks. Sean Farrell, the company’s digital asset strategy lead, said the reason for this was “legacy market capital coming in.”
Last year, the cryptocurrency industry received $30 billion in investment from venture capitalists in token and blockchain companies. Large companies have also significantly increased their holdings of crypto assets.
Farrell stated that the current situation is different from the fact that the stocks of tech companies were doing well in 2018, while Bitcoin and other cryptocurrencies fell.
According to the company’s report, for the Bitcoin price to reach its target of $200,000, it needs to attract more investors. Farrell, on the other hand, said that this situation, which happened last year, is not unlikely to happen this year.
For the upside, its market needs to bounce back in the second half of the year, but Bitcoin has already recovered quite a bit from its January 24 level.
In addition to his other statements, Farrell also made comments on the development of the Ethereum network. The expert thinks that NFTs, Web3 applications and decentralized finance (DeFi) platforms have contributed to the rise of the Ethereum network.
*Not investment advice.