While many investors have made insane profits this year, many others have lost a lot. The market has often played according to analysis and predictions, but sometimes, it has proven analysts wrong and rubbished certain predictions about price action.
Some analysts and experts this year have been bullish while others have gone bearish at certain times. We’ll take a look at the top 5 predictions that experts got wrong in 2021.
Bitcoin to Hit $100,000 in 2021
Due to Bitcoin’s prospects in 2021, several analysts went bullish on the token. While some were conservative with their predictions, others went all out to predict a new 6-figure all-time high for Bitcoin. In September, shortly after El Salvador adopted Bitcoin and the coin dipped close to $50,000, Standard Chartered released a bullish report on Bitcoin. According to the financial institution, Bitcoin had the capacity to hit $100,000 by the end of 2021.
But it was not only Standard Chartered that made that prediction. Nick Spanos, the co-founder of Zap Protocol, also made that prediction in September. Spanos was responding to reports that El Salvador’s Bitcoin adoption was the reason why the price dipped. He refuted the reports, saying that “everything was fine” in El Salvador. Spanos then expressed bullish confidence on Bitcoin.
That prediction was made in September, a mere 4 months from the year’s end in December. For that predicted to be fulfilled, Bitcoin would need to gain nearly 100% from the price that it was then.
Ether to Hit $10,000 in 2021
Again, Nick Spanos predicted that Ether, the native token of the Ethereum network, will hit $10,000. Ether is historically known to follow Bitcoin’s price movements. But the coin has been unable to cross the $4,800 resistance. Ether is expected to hit a new all-time high in the next bullish run but for now, it is following the current bearish trend.
The Ethereum network has grown massively in 2021 as NFTs and DeFi projects exploded. But that has not been enough to raise the coin above $5,000.
Bitcoin to Hit $146,000 in 2021
In January, US banking gian, JP Morgan, predicted that Bitcoin could hit $146,000 by the end of 2021. Analysts at JP Morgan expressed bullish sentiments about the coin as they considered the metrics of its growth. At that time, MicroStrategy had increased its Bitcoin holdings to $22.8 billion according to its tradition of buying Bitcoin every quarter. Other institutional investors had also pumped massive funds into Bitcoin.
Analysts at the Wall Street bank have repeatedly weighed in on the crypto industry and offered their insights into the price movement of coins. With years of analytical training and work, they have a massive pool of experience in predicting financial markets. However, their prediction about Bitcoin hitting above $140,000 in December 2021 is literally impossible to achieve giving the current bearish market.
Bitcoin to Crash to $24,000
On June 19, Robert Kiyosaki took to Twitter to predict a huge Bitcoin crash. Kiyosaki, a bestselling author, and investor said that Bitcoin was waiting for Bitcoin to hit $24,000 before buying. According to him, that price would present a massive buying opportunity to make profits. As an investor, Kiyosaki has always looked for the best entry into any investment.
But his predicted Bitcoin price was not triggered, as Bitcoin managed to stay above $30,000, a support zone that it last touched in January. Although the market is currently bearish, analysts have expressed uncertainty about Bitcoin price hitting below $30,000. While that possibility is always there, it looks unlikely given that bullish investors are battling the bears.
Crypto To Be Regulated in the US in 2021
No known analysts stuck out their heads to predict this, but the widespread concerns about regulation and the effect on the crypto market is as good a prediction as any. Thankfully, it failed. As of today, the US government is yet to pass any regulations on cryptocurrencies but has said that it would try to make the industry a safe place for everyone.
Growing Bitcoin adoption in the US has also been positive news in the last three months. Crypto investors will hope that the market recovers from its slump and pumps back into profits as the year draws to a close. What predictions will be made for 2022?
