Despite missing the mark with their $100,000 Bitcoin (BTC) price predictions in 2021, Block One former chief strategy officer Brock Pierce and Fundstrat Global Advisors co-founder Tom Lee are both tipping Bitcoin could hit $200,000 in 2022.
Essentially, they are doubling down on their ambitious projections for 2022, even though Bitcoin’s high water mark of $69,000 was set on Nov. 10, and BTC is currently trading at $46,270.
Lee predicted $200,000 for BTC in the Dec. 23 Market Rebellion Roundtable discussion. He said:
“So, maybe Bitcoin is in that $200,000 range. I mean, I think that’s achievable, and I know it sounds fantastical, but it’s very useful.”
Lee previously maintained his 2021 BTC price prediction of $100,000 as late as October in light of ProShares launching the first Bitcoin exchange-traded fund (ETF) in the United States.
At that time, he also predicted that Bitcoin ETFs would attract at least $50 billion over the next 12 months. American Bitcoin ETFs currently hold about $1.5 billion in assets among Valkyrie, VanEck and ProShares’ offerings.
Pierce, meanwhile, told Fox Business on Wednesday that it was “conceivable that it could break $200,000 for a moment and come falling back again.”
In a Jan. 22 article, Pierce had cited $100,000 at the top of the range for 2021:
“There really are not many levels where I (anticipate) Bitcoin seeing resistance. We could get anywhere from $70,000 to $100,000 by the end of the year, but it will not be without volatility.”
In fairness to Pierce, the lower end of the range was indeed hit on Nov. 10.
Popular anonymous Bitcoin price analyst PlanB has made his name with his price predictions and stock-to-flow model. On June 20, PlanB correctly predicted that BTC would hit $63,000 in October, but he missed his $98,000 and $135,000 marks for November and December, respectively, as his “worst-case scenario.”
PlanB has defended his predictions by claiming the accuracy of his statistical models to within one standard deviation. Although his price predictions were off, he said in a Saturday tweet:
“$50K–$200K 1 standard deviation band feels wide. Some people think this makes S2F model invalid and not useful, but is it??”
Bobby Lee, founder and CEO of Ballet Crypto, predicted that BTC would hit $300,000 this year back on Mar. 22 on CNBC’s Squawk Box. This was one of the most ambitious predictions to miss the mark this year.
Each public figure’s wrong predictions go to highlight the need to do your own research in cryptocurrency investing and to take price predictions as a bit of fun, rather than a serious guide to the future.