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Bitwise CIO is not so certain if Bitcoin will hit $ 100,000 in 2021

As 2022 approaches, some cryptocurrency funding specialists doubt whether or not Bitcoin (BTC) has sufficient time to hit $ 100,000 in 2021.

After a significant flash crash within the cryptocurrency market, Bitcoin is unlikely to interrupt new all-time highs, rising to $ 100,000 within the subsequent three weeks, based on Bitwise chief funding officer Matt Hougan.

“$ 100,000 by the top of the 12 months is tough to foretell […] I believe we might purpose for $ 100,000 in 2022, however this 12 months I am not so certain, ”Hougan stated in an interview on December sixth.

He famous {that a} potential cryptocurrency rally in 2022 is essentially on account of rising institutional help. “I believe if we take a look at 2022 we nonetheless have these elementary drivers, the establishments that we discuss to on daily basis at Bitwise,” stated Hougan, including that many establishments are nonetheless coming into the marketplace for the primary time.

The CIO additionally forecast that in 2022 there might be an “explosion of Ethereum-based actions” and layer-one options or these aimed toward bettering the fundamental protocol itself in an effort to scale the general system slightly than growing one other protocol will.

“Traders will take a look at Ethereum, Solana or Polygon. Traders are starting to appreciate that crypto is extra than simply bitcoin. If there’s a greater story for subsequent 12 months, will probably be every little thing else: crypto as DeFi, NFTs, Web3 or Metaverse, ”predicted Hougan.

Whereas Hougan famous the rising potential of altcoins – or cash apart from Bitcoin – some outstanding figures within the crypto group are nonetheless sticking with BTC.

Bobby Lee, founder and CEO of the crypto {hardware} pockets Ballet, argued on December sixth that bitcoin is “extra invaluable” than altcoins as a result of bitcoin shouldn’t be supported by “any mission or promise that may fail”.

The crypto group has been carefully monitoring Bitcoin value this 12 months, with notable numbers within the trade predicting BTC will hit $ 100,000 by the top of 2021, together with Normal Chartered’s cryptocurrency analysis unit, the creator of stock-to-flow fashions PlanB, Morgan Creek Digital Property co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.

Associated: Bitcoin will hit $ 250,000 in January 2022, however will “invalidate” the S2FX BTC pricing mannequin – New Prediction

Others within the crypto group are extra skeptical.

The 12 months is 2050:

“One other shakeout for #Bitcoin after which it is moon time! 100k EOY ”

Okay grandma let’s get you to mattress. pic.twitter.com/F9RoBF8qdo

– Lunch Cash (@LunchMoneyMitch) November 10, 2021

On the time of writing, Bitcoin is buying and selling at $ 51,290 and is especially recovering after falling beneath $ 47,000 on December 4th, based on CoinGecko. After beginning at round $ 30,000 in 2021, Bitcoin hit its all-time excessive of over $ 67,000 in mid-November.

Bitcoin Annual Value Chart. Supply: CoinGecko

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