Failed Crypto Predictions In 2022

2022 The crypto and stock markets have been wild, with prices fluctuating, falling and going sideways all year long. The dire development hit the markets as the issues of COVID-19 weighed on them.

Big crypto names didn’t hesitate to make some bold announcements during the start of 2022, which were brutally dismissed by its end.

‘Crypto Masters’ falsified by 2022 bears

The ongoing crypto bear has mercilessly butchered 2022 crypto predictions by institutions, nations, and some influential people. The whole year proved difficult to play the market due to the nuclear chain that attacked the crypto space and the global financial landscape. Here are the top 2022 predictions that missed out significantly.

El Salvador suffered heavy losses

El Salvador, the bitcoin haven, has been the country most directly affected by the crypto bear. This Latin American nation was determined to invest in the world’s leading and largest crypto asset in early 2022, Bitcoin, It made several landmark announcements and set the course for the full adoption of the legal tender coin as legal tender over the past few months.

The bold steps taken by the leaders of this country including the president and his finance minister have led the country to make a big bitcoin bet. They started building bitcoin cities, issued bitcoin bonds, increased their bitcoin wallets, and invested in other major things that influenced crypto adoption, hoping the price of bitcoin would rise and give them a lifeline.

However, this did not happen; He burned his bet on 2022 in a big way. Investing in bitcoin caused unrealized losses to the country as its price dropped from the level of $69K in November 2021 to around $16.7K at the end of 2022. He suffered over 50% investment losses in the crypto crash.

President Nayib Bukele’s ‘moon’ prediction failed

Nayib Bukele, the President of El Salvador, was one of the most notable characters in the crypto space in 2021 and 2022. He made some very bold crypto bull run 2022 predictions that never came to life. The bitcoin-positive executive leader tweeted a series of crypto market predictions for 2022 that were quite ‘over the moon’ and claimed his tweets would be well out of date.

His $100K bitcoin dream of 2022 was the biggest prediction made by Bukele and was met with moderate disapproval. However, he didn’t let the falling bitcoin price come in the way of his dreams for his country. his country continued to invest in the crypto space in different ways like mass educationProvision of crypto trading tools such as Wallet, and fighting harsh criticism from outside forces including the International Monetary Fund (IMF).

mike novograts got it wrong

billionaire investor Mike Novogratz Actively marketing bitcoin and the crypto space. He has made several predictions throughout the year regarding BTC price growth. In March, one of his early predictions claimed that the price of bitcoin would be between $30K to $50K. It was close because it’s a price range we’ve seen for the better part of the first quarters of the year.

He also predicted that a crypto bull market would begin in October, leading to the popular ‘UpNovember’. However, his claims did not pan out as a series of bankruptcy filings and the collapse of FTX brought his dreams and predictions crashing down.

Now, he predicts that bitcoin will breach the $500K mark in the next 5 years. It’s time to find out if this will be a reality, isn’t it?

Tim Draper misses $250K bitcoin call

Tim Draper, a popular venture capitalist, made very strong bitcoin predictions for 2022 that seem to be far from reality. He told major media outlets like cnbc That bitcoin will reach the $250K mark by the end of the year.

However, his dream never materialized as the coin closed at around $16.5K, a huge difference from what he had said earlier. He had earlier made this prediction for 2020 as well, which was never fulfilled.

Willy Woo’s $100K bitcoin dream didn’t come true

Willy Woo, author of the Bitcoin Substack newsletter, was among those rejected by the crypto market in 2022. Wu is a well-known bitcoin investor who started his exploits in 2013. He posts information about coins and the crypto space, earning him a massive following of 1M followers on Twitter.

His bet for 2022 was that the BTC price would hit the $100K mark with permission to shoot much higher or lower, but there would be a middle line around the $100K mark. Oops, just a dream!

Mike McGlone’s $4K ETH Never Happened

Crypto forecaster Mike McGlone also made bold claims about how strong the crypto space will be in 2022. McGlone is one of the well-versed crypto forecasters and currently works at Bloomberg Intelligence as a Senior Macro Strategist, but his Ethereum The dreams turned out to be fairy tales.

McGlone expressed that the price of ETH will be between $4K and $4.5K at the end of the year. The end of the year was very low, rejecting him. The coin is trading at around $1.2K and has been displaying signs of a sideways market for weeks.

Coinpedia Stuck Over The Moon With ETH Price Predictions

Coinpedia made one of the ridiculous crypto predictions of the year. He expressed that Ethereum, the second largest cryptocurrency by market valuation, will reach a ridiculously high price of $6500 to $7500.

However, they found out that Ethereum bulls did not have the strength to push its price to such a high. So they revised their forecast for 2022 to $2500 on their site.

Antoine Trenchev misses $100K bitcoin mark

The CEO of crypto lender Nexo recalls his $100K bitcoin dream. Antoine Trenchev, who serves as the CEO of Nexo, had high hopes for PremierCrypto, believing it would breach the $100K mark, only to be left disappointed as the coin traded around $16.7K. But it was closed.

He made this claim in April, and bitcoin would need a price increase of around 6X within months for his prediction to come true. However, he later added that it has the least potential and is an investor’s dream.

Sorry Maxis, but these prophecies remain the promise of a paradise that never was. Now, investors should be researching the crypto space As we await the BTC halving cycle which has been noted to coincide with the crypto bull run. However, this is an observation and not a piece of financial advice.

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