{"id":494690,"date":"2022-07-01T22:00:11","date_gmt":"2022-07-01T22:00:11","guid":{"rendered":"https:\/\/ktsl888.com\/?p=494690"},"modified":"2024-06-11T14:21:15","modified_gmt":"2024-06-11T14:21:15","slug":"why-bitcoin-could-return-to-28000-but-by-the-end-of-2022","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/why-bitcoin-could-return-to-28000-but-by-the-end-of-2022\/","title":{"rendered":"Why Bitcoin Could Return To $28,000, But By The End Of 2022"},"content":{"rendered":"

Goldman Sachs analysts believe<\/a> Bitcoin and the crypto market could see some relief, but only further short and mid-term turmoil. A recent report from the banking institutions claims the crypto market has been moving in tandem with the U.S. stock market and thus it has been affected by the macro-economic environment.<\/p>\n

Related Reading |\u00a0<\/strong>Why Bitcoin Could Collapse Another 50%, Says Michael \u201cBig Short\u201d Burry<\/a><\/strong><\/p>\n

The analysis was conducted by Marion Laboure and Galina Pozdnyakova and it predicts a 30% rally for Bitcoin by the end of 2022. This is still far from the cryptocurrency’s previous all-time high of around $69,000.<\/p>\n

The report fails to provide reasons that support the bearish theory. The analysts believe that Bitcoin\u2019s correlation with the stock market will continue to play against it, and while they predict a bounce in equities, they believe BTC\u2019s price will lag in terms of performance.<\/p>\n

For the stock market, the Goldman Sachs analysis predicts a resume on its bullish momentum and a potential bounce to its January 2022 levels. In the meantime, Bitcoin could reach $28,000 which is over $10,000 less than its January 2022 levels.<\/p>\n

Why will BTC underperform the stock market? It is unclear. As usual for legacy institutions, the analysts dismissed Bitcoin\u2019s fundamentals and compared it to the diamonds market which they claimed to bloomed on the back of \u201cmarketing\u201d:<\/p>\n

By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What\u2019s true for diamonds, is true for many goods and services, including Bitcoins.<\/p><\/blockquote>\n

The analysts wrote the following on the factors that contribute to the complexities of measuring the value in Bitcoin and other cryptocurrencies, and why this could increase its downside risk:<\/p>\n

Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented. The crypto freefall could continue because of the system\u2019s complexity.<\/p><\/blockquote>\n

\"Bitcoin
BTC’s price trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

The Short-Term Horizon For Bitcoin<\/h2>\n

As NewsBTC reported<\/a>, experts more familiar with the crypto industry believe Bitcoin and other large cryptocurrencies by market cap will keep on following the stock market. Former CEO of crypto exchange BitMEX Arthur Hayes expects this correlation to contribute to the decline in BTC\u2019s price.<\/p>\n

However, at some point during 2022, the crypto market will start to decouple from stocks and the U.S. major equities indexes, the S&P 500 and Nasdaq 100. The bullish momentum for the digital assets could be supported by a decline in both the value of legacy markets and a downside trend in terms of correlation with cryptocurrencies.<\/p>\n

Related Reading |\u00a0Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets<\/a><\/strong><\/p>\n

As Hayes explained, that\u2019s when you want to pay attention:<\/p>\n

For me to hoist the flag in support of selling fiat and buying crypto in advance of an NDX meltdown (30% to 50% drawdown), correlations across all time frames need to trend demonstratively lower.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs analysts believe Bitcoin and the crypto market could see some relief, but only further short and mid-term turmoil. A recent report from the banking institutions claims the crypto market has been moving in tandem with the U.S. stock market and thus it has been affected by the macro-economic environment. Related Reading |\u00a0Why Bitcoin Could Collapse Another 50%, Says Michael \u201cBig Short\u201d Burry The analysis was conducted by Marion Laboure and Galina Pozdnyakova and it predicts a 30% rally for Bitcoin by the end of 2022. This is still far from the cryptocurrency’s previous all-time high of around $69,000. The report fails to provide reasons that support the bearish theory. The analysts believe that Bitcoin\u2019s correlation with the stock market will continue to play against it, and while they predict a bounce in equities, they believe BTC\u2019s price will lag in terms of performance. For the stock market, the Goldman Sachs analysis predicts a resume on its bullish momentum and a potential bounce to its January 2022 levels. In the meantime, Bitcoin could reach $28,000 which is over $10,000 less than its January 2022 levels. Why will BTC underperform the stock market? It is unclear. As usual for legacy institutions, the analysts dismissed Bitcoin\u2019s fundamentals and compared it to the diamonds market which they claimed to bloomed on the back of \u201cmarketing\u201d: By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What\u2019s true for diamonds, is true for many goods and services, including Bitcoins. The analysts wrote the following on the factors that contribute to the complexities of measuring the value in Bitcoin and other cryptocurrencies, and why this could increase its downside risk: Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented. The crypto freefall could continue because of the system\u2019s complexity. The Short-Term Horizon For Bitcoin As NewsBTC reported, experts more familiar with the crypto industry believe Bitcoin and other large cryptocurrencies by market cap will keep on following the stock market. Former CEO of crypto exchange BitMEX Arthur Hayes expects this correlation to contribute to the decline in BTC\u2019s price. However, at some point during 2022, the crypto market will start to decouple from stocks and the U.S. major equities indexes, the S&P 500 and Nasdaq 100. The bullish momentum for the digital assets could be supported by a decline in both the value of legacy markets and a downside trend in terms of correlation with cryptocurrencies. Related Reading |\u00a0Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets As Hayes explained, that\u2019s when you want to pay attention: For me to hoist the flag in support of selling fiat and buying crypto in advance of an NDX meltdown (30% to 50% drawdown), correlations across all time frames need to trend demonstratively lower.<\/p>\n","protected":false},"author":535,"featured_media":493969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-494690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Could Return To $28,000, But By The End Of 2022<\/title>\n<meta name=\"description\" content=\"Goldman Sachs analysts believe Bitcoin (BTC) and the 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Return To $28,000, But By The End Of 2022","url":"http:\/\/ktsl888.com\/news\/why-bitcoin-could-return-to-28000-but-by-the-end-of-2022\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/why-bitcoin-could-return-to-28000-but-by-the-end-of-2022\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-7.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-7.jpg?fit=1200%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-07-01T22:00:11Z","datePublished":"2022-07-01T22:00:11Z","dateModified":"2024-06-11T14:21:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Return To $28,000, But By The End Of 2022\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/why-bitcoin-could-return-to-28000-but-by-the-end-of-2022\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/why-bitcoin-could-return-to-28000-but-by-the-end-of-2022\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-7.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-7.jpg?fit=1200%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-07-01T22:00:11Z\",\"datePublished\":\"2022-07-01T22:00:11Z\",\"dateModified\":\"2024-06-11T14:21:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/Bitcoin-7.jpg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/494690"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=494690"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/494690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/493969"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=494690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=494690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=494690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}