Bitcoin's WILD RIDE: July 2021- July 2022

It has been a WILD RIDE for Bitcoin over the past year: July 2021- July 2022.  After reaching a high price of $68,000 US on November 9, 2021, Bitcoin has fallen back to reality with a closing price of  $23,336.90 US on July 31,2022. 

How far can Bitcoin fall in 2022?  Well based on FB Prophet, Bitcoin could fall as low as $10,000 US by the end of August 2022. See the chart below.




A price of $10,000 US by the end of August 2022 is highly unrealistic; however, to be clear, in June 2022 Bitboy Crypto and others had predicted a possible drop in Bitcoin's price somewhere between $20,000 - $10,000. Bitcoin has reached these low price levels and has maintained a floor price of $20000.

This is one of the main reasons I haven't posted in a number of days.  It has been difficult to make precise statements about Bitcoin's price and potential price during the last few months.  I didn't want to post anything until it was clear that Bitcoin's price had stabilized. 

There have also been several questions regarding Bitcoin's price performance in relation to the theorized benefits of a digital currency. For example, Bitcoin pundits have argued that during periods of crisis and inflation Bitcoin's price should increase. This hasn't been the case and it raises several concerns about the benefits of digital currencies.

Bitcoin Charts

Here are some charts showing Bitcoin's wild ride: July 2021 to July 2022.















 




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