It’s been a week since the king of cryptocurrencies, Bitcoin (BTC) has been seen struggle to surpass $ 60,000 since Feb. 16 after soaring to $ 60,540.99 the day before.
In an interview with one of China’s largest Bitcoin miners, Jiang Zhuoer revealed 2022 will be a bearish year for BTC.
Clearly, based on some studies conducted, the development of the Bitcoin market will be slow starting the autumn of this year, around mid -September.
More convincing is Zhuoer’s claim that the economic recovery following the COVID-19 outbreak will begin to show a more significant impact, followed by investors beginning to return to the existing economy.
This means, investor attraction will shift away from the crypto sector.
Zhuoer further reinforced his confidence by citing the example of Tesla’s investment in Bitcoin not producing the domino effect as expected by analysts including Litecoin (LTC) founder, and venture capitalist, Tim Draper.
The idea is also in line with forecasts based on previous market cycles, where Bitcoin’s bullish only lasted around just two years.
Is this the end for BTC? No. Zhuoer said bearish expectations for 2022 would be ‘safe’ with the dumping of institutional investors continuing activity in the crypto sector due to increased demand.
For example, America’s oldest bank has announced it will launch a cryptocurrency protection service earlier this year. Meanwhile, Goldman Sachs found that 40% of its clients are ready with crypto exposure.
At the time of writing, Satoshi Nakamoto’s assets are trading at $ 56,718, down 3.30% in 24 hours.
