The price of the first cryptocurrency is able to reach $200,000 in the second half of 2022, FSInsight analyst Sean Farrell suggested.
In our 2022 Digital Assets Outlook webinar with @SeanMFarrell he explained our @fs_insight #BTC evidence-based, price target along with insights on #ETH, #NFTsand MORE!
Join @fs_insight and get the full replay! https://t.co/oASSSdoKn9https://t.co/Ihn3MY50wP
— FSInsight (@fs_insight) February 7, 2022
According to his observations, the correlation of bitcoin with stocks increased in the last quarter of last year. Digital gold fell in price as soon as the narrative of monetary tightening emerged Fed. The rest of the cryptocurrency market is now also closely correlated with technology stocks.
However, according to Farrell, the dominance of bitcoin over altcoins remains unshakable. The price of BTC, despite the “shaky start” at the beginning of 2022, is able to eventually reach $200,000.
In the report FSInsight it is also said that the Ethereum platform is undervalued – the second largest cryptocurrency by capitalization can reach $12,000 this year.
The analyst is optimistic about the transition of Ethereum to the Proof-of-Stake algorithm. If the process goes smoothly, capital inflows into the ecosystem will increase, “regardless of the performance of bitcoin.”
Recall that earlier JPMorgan analysts lowered the fair value of the first cryptocurrency from $150,000 to $38,000.
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