Crypto Currency

A Sad Story for Bitcoin in the Year 2021 – Where would Bitcoin be in 2022?

Although Bitcoin (BTC) started its year 2021 with a bang, things, however, haven’t been as promising as the Bitcoin community had hoped they would be. From the beginning of the year, Bitcoin was literally hitting an all-time high almost every day until January 10, 2021, arrived.

That was the time when Bitcoin started facing a downtrend. From that point onwards, it was a “full of surprises” story for Bitcoin. Despite hitting several all-time highs throughout the year, the overall performance of Bitcoin has been rather disappointing.

Until April of 2021, several mainstream institutions, as well as major crypto-analytical firms, had high hopes for how Bitcoin would end its year. When Bitcoin managed to hit a high price of $64.8k, it was hoped that Bitcoin would end the year 2021 at a price of $200k per BTC.

Then it was mid of April when Bitcoin suffered a dip in its price, which went on until the mid of May. At that time, it was hoped that Bitcoin would make a comeback, but things went the opposite direction.

To the entire Bitcoin community’s shock, the Chinese regulatory authorities launched their crackdown again Bitcoin mining operations. This resulted in Bitcoin mining farms being kicked out of Chinese soil.

As a result, the entire cryptocurrency industry ended up taking a huge plunge starting from mid-May, which continued until the end of June. By that time, Bitcoin trading had become a rather difficult task for the overall Bitcoin mining community, as it was full of losses.

However, Bitcoin picked up on its price starting August of 2021. This is when Bitcoin started gaining in its price and value. From August until November 10, 2021, Bitcoin continued growing in size. This is when Bitcoin hit an all-time high of $68.9k per BTC, and that was the last time it managed to do that.

After hitting its all-time high on November 10, the price of Bitcoin constantly struggled to make it over the $60k per BTC benchmark. However, Bitcoin wasn’t able to achieve that, and then, Bitcoin felt another downfall starting December 2021.

It was on December 4, 2021, when the price of Bitcoin ended up experiencing the worst plunge since mid-May. On December 4, 2021, the price of BTC ended up getting close to $40k per BTC price.

Since then, BTC has been struggling to make it over the $50,000 per BTC benchmark. This is because the Chinese regulatory authorities have fully banned Bitcoin and all-related operations in the country on December 4, 2021. As a result, all kinds of operations related to Bitcoin, including Bitcoin brokers, mining farms, exchanges, and many more are shut down in China.

This is the reason why Bitcoin has been facing the worst situation. This is the reason why all positive predictions and price analyses made by analysts have become stale.

Given the constant plunges that Bitcoin faced throughout the year, analysts such as JPMorgan, Bank of America, and many other firms continued lowering their price predictions for BTC.

Initially, the Bank of America (BOA) had predicted that Bitcoin may be able to hit the $144k per BTC benchmark by the end of 2021. Given the constant dives, the BOA lowered its predictions and brought them down to $100k per BTC. The latest prediction that the BOA made was BTC hitting $77k per BTC price.

Unfortunately, Bitcoin hasn’t lived up to the expectations of either of the analysts sharing positive predictions about Bitcoin.

Given the current situation of Bitcoin, the majority of the analysts are forced to share negative feedbacks and analysis for Bitcoin. They are now on the same page that Bitcoin won’t be able to hit another all-time high until the end of 2021.

However, there are possibilities that the year 2022 will write another success story for Bitcoin. This is because approvals for several exchange-traded funds are underway that may be approved in the first quarter of 2022. This would help Bitcoin tremendously in achieving its all-time high milestones in the upcoming year and gain more mainstream adoption.

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