{"id":984,"date":"2022-01-09T17:05:12","date_gmt":"2022-01-09T17:05:12","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=984"},"modified":"2022-01-09T17:05:13","modified_gmt":"2022-01-09T17:05:13","slug":"bitcoin-sinks-to-14-week-low-but-some-analysts-say-100000-in-2022-is-still-on","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=984","title":{"rendered":"Bitcoin sinks to 14 week low, but some analysts say $100,000 in 2022 is still on"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Following Wednesday\u2019s downturn in Bitcoin, a continuation of selling dipped the price as low as $41,000 today. Marking a 14-week low for the leading cryptocurrency.<\/p>\n<p>But as far as drawdowns go, this dip isn\u2019t as severe as past ones, most notably in recent memory, the crash of May 2021, which saw a 45% drop in price over seven days.<\/p>\n<p>There\u2019s every possibility the current decline may worsen. But as things stand, the macro bull structure remains intact, leading to some analysts holding their calls for a $100,000 Bitcoin in 2022.<\/p>\n<p>Then again, there\u2019s a debate to be had on the efficacy of technical analysis. Those with a good memory will recall that $100,000 calls were being made for the end of 2021. Yet Bitcoin still closed the year falling way short of that, at $47,700.<\/p>\n<p>Add to that a backdrop of weakening appetite for risk-on assets, and some would say a $100,000 price target is outright hopium.<\/p>\n<h2>Speculative Bitcoin has it all to do<\/h2>\n<p>Bitcoin\u2019s stuttering start to the new year was blamed on the discovery of a new variant and civil unrest in Kazakhstan, which serves as a major mining hub. But perhaps most consequential of all was the Fed\u2019s new hawkish narrative.<\/p>\n<p>Wednesday saw the release of minutes to a mid-December meeting of Fed officials. The notes outlined concerns over elevated inflationary pressures, fueling the likelihood of a rate rise and moves to reduce the balance sheet.<\/p>\n<p>Markets duly responded, triggering a 10% drop in Bitcoin on the day. And, with the Nasdaq suffering the worst decline of the major indices, analysts concluded that investors have turned cold on risky speculative assets.<\/p>\n<p>Although investors were well aware of inflationary concerns before December, the Capital Markets Editor at the FT, Katie Martin, said the Fed\u2019s revised stance made the situation all the more concrete.<\/p>\n<p>\u201cSure. But higher interest rates are, all things being equal, not great for highly speculative assets. It\u2019s not great for, rate rises are not great for crypto, for what it\u2019s worth.\u201d<\/p>\n<h2>What\u2019s the argument for a $100,000 price?<\/h2>\n<p>While a possible, sooner than expected, increase in the cost of borrowing may turn investors off speculative assets, Bloomberg\u2019s Senior Commodities Strategist Mike McGlone disagrees.<\/p>\n<p>Instead of dulling demand, McGlone states Bitcoin\u2019s unfolding status as a \u201cdigital reserve asset\u201d will likely bring about the opposite scenario.<\/p>\n<p>\u201cBitcoin is a risk asset that\u2019s evolving into a digital-reserve asset in a world going that way\u2014and that has positive implications for its price.\u201d<\/p>\n<p>With that, McGlone is sticking with a $100,000 price prediction in 2022.<\/p>\n<p>Posted In: Bitcoin, Analysis<\/p>\n<p><h2>CryptoSlate Newsletter<\/h2>\n<\/p>\n<p>Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.<\/p>\n<h2>Get an edge on the cryptoasset market<\/h2>\n<p>Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitcoin-sinks-to-14-week-low-but-some-analysts-say-100000-in-2022-is-still-on\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following Wednesday\u2019s downturn in Bitcoin, a continuation of selling dipped the price as low as $41,000 today. Marking a 14-week low for the leading cryptocurrency. But as far as drawdowns go, this dip isn\u2019t as severe as past ones, most notably in recent memory, the crash of May 2021, which saw a 45% drop in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=984"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/984\/revisions"}],"predecessor-version":[{"id":986,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/984\/revisions\/986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/985"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}