The value of the global crypto market fell 0.23% to $ 2.22 trillion in the past 24 hours, but the overall transaction volume increased 3.57% to $ 90.85 billion.
Stablecoins accounted for 65.24% of the trade volume ($ 71.81 billion), while DeFi accounted for 23.34% ($ 21.21 billion). Bitcoin’s market share declined from 0.17% to 40.18% this morning. At the time of writing, it was valued at $ 47,034.88.
Will Bitcoin hit $ 100,000 in 2022?
According to Tone Vays, swinging bearish on Bitcoin (BTC) in the current environment would be paradoxical.
Despite the fact that the value of bitcoin increased by over 60% in 2021, the crypto community was dissatisfied. This happened due to the asset’s failure to hit six digits and the subsequent 30% loss in less than two months.
However, nearly half of the community believe BTC will reach or exceed $ 100,000 by the end of 2022, according to a survey conducted by the developer of the popular stock-to-flow model Plan B.
In a new strategy session, the seasoned trader informs his 118,000 subscribers that events that would cause him to turn bearish on the crypto king will make him rather bullish.
“I was asked where I would go bearish in the medium to long term. That’s a great question… Bitcoin is likely to fall below $ 35,000 to become dismal in the medium to long term.
But there is a huge contradiction here: If BTC drops that low it will be a significant low, so going bearish now is pointless.
This is why, in the medium and long term, given the current structure, there is not much that could make me bearish …
It’s hard to go bearish
According to Vays, the only way BTC can turn negative at the moment is if it has a large exponential rise followed by a correction, or if it forms a descending triangular pattern.
“It is extremely unlikely that I will go bearish; a much larger exponential stroke or descending triangle would be required for me to do this. When moving averages cross, it’s a good idea to be bearish, although it doesn’t happen very often.
Despite the fact that the price of Bitcoin did not reach $ 100,000 at the end of the year, investors believe the ecosystem will perform better in 2022. The introduction of a spot Bitcoin ETF could be a major catalyst for the soaring price of the asset.