The price of the leading cryptocurrency may reach $200,000 in the second half of 2022, FSInsight analyst Sean Farrell has predicted.
He thinks the correlation of Bitcoin with stocks increased in the last quarter of 2021. Digital gold fell in price as soon as the Fed tightening monetary policy narrative emerged. The rest of the crypto market is now also closely correlated with tech stocks.
However, according to Farrell, the dominance of Bitcoin over altcoins remains unshakable. The price of BTC, despite the “shaky start” at the beginning of 2022, may eventually reach $200,000.
The FSInsight report also states the Ethereum platform is undervalued. According to the company, the second largest crypto in terms of capitalization could reach $12,000 in 2022.
The analyst is optimistic about the transition of Ethereum to the proof-of-stake consensus algorithm. If the process goes smoothly, capital inflows into the ecosystem will increase, “regardless of the performance of Bitcoin.”