The market is again in a slump today as bears resume control. Today, other cryptocurrencies were also in the red. Ethereum fell 3.11 percent to $3,799, while Dogecoin fell 3.23 percent to $0.1764.
Stellar fell 3.40, Litecoin fell 1.26% and XRP fell 4.67% to $0.8478. Currently, the global crypto market cap stands at $2.24 trillion, losing 3.42%.
Bitcoin Price Action
After a drop below $48,000, Bitcoin has lost more than $4,000 in the last 48 hours.
BTC simply continued to fall after the $3,000 daily decline. BTC has dropped below $47,200 in the last 24 hours, its lowest price since December 21st.
The asset is currently slightly over that level and is down about 4% on the day. This increased volatility has caused huge agony for over-leveraged traders, as liquidations have surpassed $300 million since yesterday.
BTC Price Set to Soar in 2022?
Tom Lee, managing partner of Fundstrat Global Advisors, is unhappy with Bitcoin’s (BTC) end-of-year performance in 2021, but believes the leading crypto asset will soar to new heights in 2022.
In an interview with trading education portal MarketRebellion, Lee claims that after surviving many setbacks in 2021, Bitcoin may only have a bright future for the following year.
He goes on to say that because the events that disturbed Bitcoin in 2021, such as China effectively prohibiting mining and attempting to ban Bitcoin, would have been considered a crypto winter-type occurrence, and Bitcoin would not have died as a result.
So, until the US government bans Bitcoin next year, some of the negative catalysts have already played out for Bitcoin… As a result, he believes Bitcoin has a great chance of succeeding.
When asked for a Bitcoin price prediction, Lee claims that by the end of next year, the price of BTC might have exploded up to four times from current levels.
“I’m kind of disappointed it didn’t reach $100,000 this year, but I think next year [it will] easily get to the $100,000”
He says that assuming it should have been $100,000 this year, thus Bitcoin may be in the $200,000 area next year.