Bitcoin Price to Hit $120,000 in Next Bull Cycle in 2022, Crypto Trader Claims

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  • Another long-term bullish prediction appears on Crypto Twitter, this time it comes not from a crypto billionaire and investor, such as Tim Draper, but a crypto analyst

Bitcoin Price to Hit $120,000 in Next Bull Cycle in 2022, Crypto Trader Claims

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The highest bullish Bitcoin price predictions have come from such persons as John McAfee ($1 mln), and Tim Draper ($250,000 minimum). Both have stood by their predictions for a few years already.

In the recent interview to U.Today, the former antivirus mogul McAfee confirmed his more than optimistic forecast, saying that Bitcoin is the first deflationary coin and that he is surprised that nobody has noticed it yet.

Another large bullish prediction on the Bitcoin price has come from a trader and analyst on Crypto Twitter.

‘Bitcoin price may hit $120,000 in 2022’

The analyst ‘CryptoWolf’ (@IamCryptoWolf) believes that Bitcoin is about to enter a new bull cycle. It may lead the BTC price to surge by 2022 and hit an astronomic level of $120,000.

Bull cycles for Bitcoin are getting longer, the analyst writes, predicting the ‘estimated time of arrival’ to be 2022.

Upbit hack pushes the BTC price up

On Wednesday, the most hyped event was the hack of the Upbit crypto exchange in South Korea. Some experts believe that it was an inside job than an outside hack. Since the hack briefly coincided with Bitcoin sliding down to the $6,700 area, some started blaming that on the loss of $50 mln in Ether by Upbit.

However, later on, Bitcoin made a U-turn and surged to $7,200, adding $500 to its price. A crypto expert and blockchain writer Joseph Young wrote on his Twitter page that the hack was unlikely to push the BTC price down, since the management team promised to compensate the losses.

Still, many on Twitter responded to the event with criticism, saying a popular phrase regarding centralized crypto exchanges – ‘Not your keys, not your Bitcoin’.

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eToro’s expert’s take

In a daily newsletter sent out by eToro, their analyst Adam Vettese states that perhaps the recent successful BTC futures trading on Bakkt and the interest of institutional investors that grows towards this platform gradually, will be able to give Bitcoin enough momentum in the future.

“Bitcoin futures exchange, Bakkt, reached a record number of contracts traded yesterday - 4,443 contracts, approximately $33 million at current Bitcoin prices. With institutional interest in Bakkt increasing month on month, bucking the overall market sentiment in Bitcoin, could this spark a resurgence in crypto spot markets?”

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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