Bitcoin could hit $200K in 2022 Despite Weak 2021 Performance - Tom Lee

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Managing partner at Fundstrat, Tom Lee says Bitcoin can still reach a price of $200,000 in 2022 despite the current disappointing performance. Lee said this during a webinar by investing education platform Market Rebellion.

Bitcoin has made a lot of progress in 2021, with the Bitcoin price starting from $29,000 in January and reaching a peak of over $69,000. The crypto community still expected more though, as many thought it would break $70,000 to start new piece discoveries and a possible run to new levels.

Specifically, many analysts predicted that the price would reach at least $100,000 before the end of the year. However as the year is quickly coming to a close and Bitcoin has been ranging since, the community is becoming doubtful about the possibility of the asset reaching that price before the year ends.

Crypto disappointing performance

Apart from Bitcoin, altcoins have also done well, at least in the earlier parts of 2021. Meme coin Shiba Inu for instance has returned 1000x of investments within the year, making it one of the most profitable crypto years for some investors. The same goes for other altcoins such as Solana, LUNA and others that entered the top ten this year as a result of their huge rallies.

Lee is however disappointed at the performance as the market could not pull the big rally that bulls were expecting at the end of the year. This is usually the case as is seen in the 2013 and 2017 bull runs in which Bitcoin reached a new all-time high in each case. As a result, the crypto community is asking if the crypto rally is over.

This is a crucial question as altcoin investors were looking forward to a huge end-of-year rally for Bitcoin which is usually followed by an altseason. If Lee believes Bitcon rally can be realized in 2022, maybe there is the possibility that the alt season will also be delayed.

Slight pump as market bounces

After ranging below $50,000 since 9th December, Bitcoin has bounced above $50,000 again. It is now trading at just over $51,000 at the time of writing this report. Whether this will be sustained or it’s just another “Dead Cat Bounce” remains to be seen. The question though, is will Bitcoin still reach the $100,000 many are so hopeful it will reach?