The price of Bitcoin is able to reach $200,000 in the second half of 2022, FSInsight analyst Sean Farrell suggested.
According to him, 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, is able to eventually reach $200,000.
The FSInsight report also states the Ethereum platform is undervalued, so the second largest cryptocurrency by capitalization could reach $12,000 this year.