The world’s initial and most popular decentralized Digital currency Bitcoin (₿) has had a hard year so far in 2022 with the price of a Bitcoin (BTC) currently trading under $40,000 after a formative decade that has seen the invisible money go from 8¢ to over $68,000.
Bitcoin reached its highest point, over $68,000 on November 10, 2010, but since that peak, the price of Bitcoin is down almost $20,000 now as a number of factors have all contributed to slowing this theoretical rise to $100K which so many love to yap about.
Can We Expect to See Bitcoin Falling Further in 2022?
“Despite the volatility and recent slumping price, many experts still say Bitcoin is on its way to passing the $100,000 mark, though with varying opinions on exactly when that will happen.” According to a Time.com Next Advisor story last year.
“And a recent study by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will be over $110,000 in five years.”
But remember this study by Deutsche Bank was used with the rich and those who could actually afford to buy a Bitcoin (or 11), who had a vested interest in the cryptocurrency because they already own it and think everything everywhere always rises in value.
“Despite a new high and continued volatility, experts still expect Bitcoin’s price to increase to above $100,000 as early as this year.”
But alas, words are just words and no markets continue in one direction forever so maybe this is a kind of irrational exuberance in The Digital Age. Tulips were huge in Europe until they weren’t and Pokémon cards blew up worldwide also, so one never knows with Hype.
“The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner,” NYC-based Certified Public Accountant Kate Waltman, told NextAdvisior back in November 2021. They were off. Way off. We have no cookies for them just giggles.
We are in Q2 of 2022 and BTC was under $40,000 when the day started. Remember some things when investing in Cryptocurrency: It isn’t as liquid as Cash and it will never be; it is a very volatile currency; it’s used by nefarious individuals, and, it has a limited (finite) supply.
#Bitcoin will “fall” below $400,000 next. pic.twitter.com/PgU3eIi0Im
— Documenting Bitcoin 📄 (@DocumentingBTC) April 11, 2022
So maybe the thrill is gone after almost a decade and there is the reality that Bitcoin may bever reach that $100,000 level. And some have even chirped about BTC at $1 million?
The price of BTC is down 10% already this year, Bitcoin trading is down significantly, and the market value of all Cryptocurrencies has lost $60 billion in a definite pause, or a Bullish market, or slowing of growth or interest or whatever it may be for each BTC owner.
And over the past year Bitcoin—trading at $39,777.90 on April 24, 2022— was down 20.53% (-10,275.50) after many rollercoaster rides within given years and this recent volatility pattern has seen Bitcoin trading in the $40,000 to $60,000 range.
Will the Bears return and the $50-$60K levels and more talk of $10K one day? Or will we see this Bull market trend down under the $40 level where it is now with some disinterest and other distractions like record Gas prices, and Russia’s ruthless invasion of Ukraine?
Online oddsmakers at BetUS have put up an entertaining Prop bet on where the price of Bitcoin will be on December 31, 2022, at 12 pm EST with 11 different possibilities to wager on from $0 to $9,999 USD (40/1) all the way up to Above $100,000 USD (+275).
What Will the Price of Bitcoin Be on December 31, 2022?
$0 to $9,999 USD +4000
$10,000 to $19,999 USD +900
$20,000 to $29,999 USD +650
$30,000 to $39,999 USD +550
$40,000 to $49,999 USD +500
$50,000 to $59,999 USD +450
$60,000 to $69,999 USD +500
$70,000 to $79,999 USD +600
$80,000 to $89,999 USD +900
$90,000 to $99,999 USD +1400
Above $100,000 USD +275
Inflation, Russia, Volume Makes Bearish on Bitcoin?
So let’s handicap where we think the price of BTC will be on New Year’s Day 2023 as this year is about one-third over and the Cryptocurrency currently sitting under $40,000 USD. And a great way to handicap Futures markets is using the process of elimination.
Unless the world falls apart in the next eight months—a distinct possibility when I look at my TV lately—the chance BTC closes between the low-end $0 to $9,999 USD (40/1) and the high-end “Above $100,000” USD (+275) doesn’t seem realistic. So we toss those two.
And the other three odds longshots in this market—of $10,000 to $19,999 (9/1), $80,000 to $89.99 (9/1), and $90,000 to $99,999 (14/1)—would mean either a major free fall in the price for BTC for the former or too much ₿ullishness for eight months for the latter.
So a range of between $20K and $80K seems logical and there are six levels of betting that range, eliminating those first five. The $20,000 to $29,999 range (+650) seems very logical to me with this downward drift, slog in Ukraine, and lack of trading interest now.
That would mean falling another $10,000 to $20,000 from where it is today, but it seems more likely those holding BTC won’t want to buy after losing 20% in a year, and those who feel burned buying from $50K and on up likely just waiting for $45K and then $50K again.
So the $30,000 to $39,999 range (+550)—where it barely sits right now—the $40,000 to $49,999 range, and that aforementioned $20-29,999K range is to be the sweet spot for the closing price of Bitcoin on December 31, 2022, at 12 pm EST (11 pm CST/9 pm PST).
Army ants are blind and rely on pheromones to track the ones in front. If one ant intersects with its old trail then it results in a circular death trap where they spiral until they die from exhaustion.
However, the contrarian army ants might survive. pic.twitter.com/ruQhtGUei9
— Bitcoin (@Bitcoin) April 12, 2022
The $50,000 to $59,999 range (+450) is actually the favorite in this Financials betting market with the $60,000 to $69,999 closing range (5/1) a close second and the $70,000 to $79,999 range (6/1) for those bettors that believe other buyers will be bullish on Bitcoin.
As a Cryptocurrency, Bitcoin has been a success story, and it is being used by sportsbooks allowing Cryptocurrency as a form of payment, Digital Artists using it—usually Ethereum (ETH or Ξ)—to buy Non-Fungible Token (NFTs) artwork and by others to simply invest in.
BetOnline was the first sportsbook to accept Bitcoin back in 2010 and the industry leader and CEO Eddie Robbins III made a huge splash on Super Bowl week this Winter when it purchased the NFT Bored Digital Ape #320 for a cool $375,000.
“We got in early on Bitcoin because we are confident blockchain is the future of global currency. And now, it’s incredibly exciting to start adding NFTs to our asset vault and be the first in our industry to accept ApeCoin,“ Robbins III said of the latest Crypto add.
Our best bet yet. @BoredApeYC#SuperBowl x Bored Ape #320
Probably something. pic.twitter.com/BTlsgNNW2g
— BetOnline.ag (@betonline_ag) February 7, 2022
So it and the other Cryptocurrencies are sort of like very volatile invisible shares of stock that often use the “coin” terminology. And there really are Bitcoins. Also, some governments like El Salvador have embraced Bitcoin and used it as a national legal tender.
So because of the elimination of middlemen or layers of nothingness, the Blockchain allows transactions via a recorded public distributed ledger which is all verified through Cryptography through network nodes. Complicated, yet brilliantly simple in many ways.
Bitcoin was invented in 2008 by a person or an unknown group of people who still remain a mystery to this day named Satoshi Nakamoto and began use in 2009 when released as an open-wear software and BTC could be purchased for just 8¢ in July of 2010. Wut.
Yes. Eight cents. If you spent $100 on BTC 8¢ in July of 2010 you could have snagged 1,250 Bitcoins, and even after this $20,000 dip over the last year, your 1,250 BTC’s at $40K a pop would be worth $50 million USD. Not bad for a speculative bubble maybe.
The Bitcoin bubble probably had its best day when it went from $0.008 to $0.08 (+900%), but hardly anyone had heard the word Bitcoin, blockchain, or cryptocurrency back then but those in the know and or involved in the development of Blockchain.
By 2011, one BTC had already attained parity with the US Dollar, and soon everyone knew about it with many still confused about something they couldn’t hold in their hands or something not backed by The Gold Standard or their own national Federal Reserves.
What Will the Price of Bitcoin Be on December 31, 2022?
Kevin Stott is a sports writer who has covered the Sports Gambling industry for over 20 years, handicapping sporting events for SportsbookReview, Gaming Today and Bleacher/Report and was an award-winning writer for the Las Vegas Review-Journal’s View Newspapers. Stott is an avid sports bettor and a graduate of Southern Illinois University at Carbondale. …
View all posts by Kevin Stott