Bitcoin will rally to $200K in the second half of 2022, FSInsight says

  • The crypto market cap could surpass $9.6 trillion if BTC hits $200k, the report said.

  • Meanwhile, the price of Ether (ETH) could climb as high as $12,000.

  • Cardano, Avalanche, and Terra are also investments worth watching, FSInsight’s head of crypto strategy noted.

Bitcoin’s latest price action has seen it bounce strongly above multiple resistance levels, with intraday gains on Monday pushing the king crypto above $44,000.

Analysts are bullish about the cryptocurrency’s chances of breaking higher, pointing to potential continued correlation with stocks.  

Fundstrat’s FSInsight predicts that the price of Bitcoin could rally to $200,000 in 2022, citing increased inflows from the legacy markets into crypto.

In a report titled “Digital Assets in a Post-Cycle World”, FInsight’s Head of Digital Asset Strategy Sean Farrell noted that Bitcoin could see more choppiness in the first six months of 2022.

However, the research and financial investment providers see BTC rallying to $200,000.

Metrics likely to support the outlook include increased buying occasioned by Bitcoin’s recent dip. Negative real yields and the potential of the market seeing a return to risk-on appetite are also likely to play a role, the investment strategist added.

On Ethereum, FSInsight says its 30%+ rally over the past week or so has the cryptocurrency close to a key resistance area.  But the platform thinks ETH is undervalued and the switch to proof-of-stake could be one of the catalysts that trigger a big move to $12,000 this year.

Other than the top two, tokens native to layer 1 networks such as Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Cardano (ADA) are likely to see a fresh upside in the second half of the year.

Non-fungible tokens (NFTs) and Web 3 applications are also on the platform’s radar, with Livepeer, Filecoin and The Graph among those investors might want to watch.

The post Bitcoin will rally to $200K in the second half of 2022, FSInsight says appeared first on Coin Journal.

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Author: Benson Toti