After a disappointing start to the year, which saw Bitcoin dropping to under $40,000, the world’s most popular cryptocurrency seems to have stabilized in the mid-40k range. On Sunday afternoon, Eastern Time, the price of one Bitcoin is $43,067.20.
When compared to the 15% increase in price in the first week of 2021, this year’s start is pretty disappointing for Bitcoin enthusiasts. Still, according to crypto experts, a price increase could be just around the corner.
Experts Expect Bitcoin Price to Go Up in Early 2022
According to Gavin Smith who’s the CEO of Panxora, no one should be surprised if Bitcoin went up to $60,000 in a few weeks’ time.
Market analyst at Oanda, Craig Erlam, is of a similar opinion. He believes that “if Bitcoin can break $45,500, we could see another sharp move higher.”
Antoni Trenchev of Naxo is among the more optimistic Bitcoin fans. According to him, Bitcoin could get to a six-figure number by summer.
Developing Economies to Cause Turbulent Times for Bitcoin?
Experts seem to agree that the future of Bitcoin price in 2022 is going to be influenced heavily by developing economies. The thing is that in the first-world countries – such as the United States – Bitcoin and other cryptos are seen as risk-on assets.
Therefore, they’re traded based on the moves of central banks, and similar factors. It’s a bit different story when it comes to developing economies like Brazil or Turkey. Crypto traders and investors from those countries tend to base their decisions exclusively on inflation.
The inflation-hedge play has an impact on the route the Bitcoin price is going to take, possibly causing a long-term period of volatility.
Still, the price fluctuations shouldn’t take Bitcoin off the course. Instead, it looks as if the only way for Bitcoin is up, especially as the technology improves and cryptos get more widely adopted on the global level.