Many crypto people predicted Bitcoin to break $100,000 in 2021 but BTC has yet to climb higher than $68,000.
As 2022 draws closer, some cryptocurrency investment experts are now doubtful on whether Bitcoin (BTC) has enough time to hit $100,000 in 2021.
Following a major flash crash in the cryptocurrency market, Bitcoin is unlikely to break new all-time highs in the next three weeks and go all the way up to $100,000, according to Bitwiseâ€™s chief investment officer Matt Hougan.
â€œ$100,000 by the end of the year is a difficult prediction to make […] I think $100,000 could be in target in 2022 but this year, Iâ€™m not so sure,â€ Hougan said in a Dec. 6 interview.
He noted that a potential cryptocurrency rally in 2022 will be largely thanks to growing institutional support. â€œI think as we look into 2022, we still have these fundamental drivers, the institutions we speak to everyday at Bitwise,â€ Hougan said, adding that many institutions are still moving into the market for the first time.
The CIO also predicted that 2022 will see an â€œexplosion of activity built on Ethereumâ€ and layer-one solutions, or those aiming to improve the base protocol itself to scale the overall system rather than creating a different protocol.
â€œInvestors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize thereâ€™s more to crypto than just Bitcoin. If thereâ€™s one bigger story for next year, itâ€™s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse,â€ Hougan predicted.
While Hougan noted the growing potential of altcoins â€” or coins other than Bitcoin â€” some prominent figures in the crypto community are still sticking with BTC.
Bobby Lee, founder and CEO of crypto hardware wallet Ballet, argued Dec. 6 that Bitcoin is â€œmore valuableâ€ than altcoins because Bitcoin is not backed by â€œany sort of project, or a promise that can fail.â€
The crypto community has been watching the Bitcoin price closely this year with notable figures in the industry predicting BTC to hit $100,000 by the end of 2021, including Standard Charteredâ€™s cryptocurrency research unit, stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.
Related: Bitcoin to hit $250K in January 2022 but â€˜invalidateâ€™ S2FX BTC price model â€” New prediction
Others in the crypto community have taken a more skeptical view.
The year is 2050:
â€œOne more shakeout for #BitcoinÂ and then itâ€™s moon time! 100k EOYâ€
Ok Grandma letâ€™s get you to bed. pic.twitter.com/F9RoBF8qdo
â€” Lunch Money (@LunchMoneyMitch) November 10, 2021
At the time of writing, Bitcoin is trading at $51,290, notably recovering after dropping below $47,000 on Dec. 4, according to data from CoinGecko. After starting 2021 at around $30,000, Bitcoin hit its all-time high above $67,000 in mid-November.