Survey: Only 24% Think Bitcoin Price Will Be Below $50K By End of 2022

Survey: Only 24% Think Bitcoin Price Will Be Below $50K By End of 2022

A new poll by PlanB shows that less than 24% of participants expect BTC to remain below $50,000 in the next 12 months.

Although bitcoin ended up with a more than 60% increase in 2021, there was a bit of a disappointment in the crypto space. This is because the asset failed to increase into a six-digit territory and actually fell by 30% in less than two months.

The creator of the popular stock-to-flow model, though, initiated a poll, which shows that nearly 50% of the community expects BTC to head to and above $100,000 by the end of 2022.

Above $100K in the Next 12 Months?

Before exploring the most recent poll, it’s worth noting that such surveys are widely dependent on the current market mood and can change quite rapidly. For example, in one such poll from September 2020, when BTC was just breaking above $10,000, most people said it will not go above $55,000 in 2021, which it did.

Later on, in March last year, when BTC was flying high at above $55,000, the majority of the community voted that it will go to north of $100,000, which it didn’t. Moreover, the biggest optimists even said it will go to $500,000.

Now, the general sentiment is somewhat more bearish, evident by the Bitcoin Fear and Greed Index indicating Extreme Fear. This is mainly because bitcoin is down by more than 30% since its mid-November peak of $69,000.

As such, it’s expected to a large extent that most people will be more modest in their 2022 predictions. PlanB’s latest Twitter survey shows that nearly 24% believe BTC will stay below $50,000, 31.1% think it will be between $50,000 and $100,000.

Yet, the answer with the most votes sees bitcoin going into a six-digit territory between $100,000 and $200,000. Only 12.6% voted that BTC will exceed $200,000.

2021 Was Actually Very Good

Despite the current negative sentiment in the community due to the latest price slides, last year was actually quite positive for the primary cryptocurrency. It charted several new all-time highs, with the latest coming at $69,000 as mentioned above.

Although BTC dropped by more than $20,000 since then, it still finished the year with an over 60% increase. As a result, PlanB outlined that it has outperformed most other traditional financial assets, including gold. In fact, the precious metal, considered by many as the ultimate hedging tool against inflation, ended up with a minor loss in a year that saw inflation rates skyrocketing.

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