Market research firm Fsinsight, a Fundstrat company has predicted a bull run for Bitcoin and Ethereum in 2022. Fsinsight predicts that Bitcoin will spike up to $200,000 and Ethereum will skyrocket to $12,000. The research company claims the bull run will start after the second half of 2022.
However, to meet the mentioned target price, Bitcoin and Ethereum need to see a significant rebound. Sean Farrell, the head of Fsinsight’s digital asset strategy predicted the parabolic growth will happen after venture capitalists enter the market. He stated that the growth would be due to “legacy market capital entering the fold.”
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Farrell claims that once Bitcoin reaches $200,00, it would attract another round new wave of investors, as it did last year. He stated that there’s a “reasonable chance” for that to happen again during the second half of 2022.
“This is much different from 2018 where tech stocks were still doing well. But Bitcoin sold off along with the rest of the crypto market cap,” said Farrell to Fortune. Last year, venture capitalists invested $30 billion into the market, which eventually boosted the prices significantly. He predicted a similar feat will be repeated again this year triggering off a phenomenal bull run.
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Coming to Ethereum, Farrell claims that ETH is undervalued and its current price of $3,100 is still at a discount. He stated that the growth of NFTs, Web3, decentralized finance (DeFi) will lead the network to hit $12,000.
The majority of all the applications run on the Ethereum platform and its growth is equivalent to Ethereum’s growth. Farrell also called Ethereum’s current price “remarkably undervalued”.
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Bitcoin and Ethereum Predictions
Several market research firms and industry experts have predicted Bitcoin and Ethereum’s rise. However, only a tiny fraction of all the statements turned out to be accurate in 2021. The same is now being repeated in 2022 as well.
Nonetheless, FSInsight and Farrell are confident that their prediction will not go wrong unless any government of a country will play spoilsport with bans, regulations, or taxations.
“All assets can sell off and drop another 50% if the Fed hikes 4% tomorrow or next month. But right now, as things stand, the upside to both Bitcoin and ETH is much larger than the downside,” he said.
At press time, Bitcoin was trading at $43,626 and is down 0.42% in the 24-hours day trade. On the other hand, Ethereum is trading at $3,116 and is up +0.82% in the day’s trade.