Bitcoin (BTC), which was trading at the end of the 2021 session on Wall St., made its latest gains Dec. 31, as it closed out its last trading session.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin sees 60% year-to date gains
Data from TradingView and Cointelegraph Markets Pro tracked Bitcoin/USD as it hovered around $48,000 after having hit multi-day highs at $48,550 hours earlier.
The December expiry of Bitcoin options was the most important date on the options calendar, with nearly $6 billion. In the days leading up to the event, Coinbase Pro was the place where conspicuous buying was observed.
Stocks rising in Asia meant that all eyes were focused on Asia’s potential for a final boost against the backdrop of inflation concerns in 2022.
On Dec. 30, the S&P 500 reached its 70th year-end high at 4,806 points. However, next year could be very different for equities due to the Federal Reserve. Jim Paulsen was chief investment strategist at Leuthold Group. The future looked bright for H1.
He told Bloomberg that “a lot of people believe we might give some back as we enter into the new year.”
“That could be possible, but I think we will probably go over 5,000 in the first half of this year due to excitement about moving COVID from an epidemic to a pandemic and the realization that inflation has slowed down.”
BTC/USD was expected to finish the year approximately $19,000 higher than it started. Zooming in, Scott Melker (the popular trader and podcast host, known as the Wolf of all Streets), argued that the BTC/USD long-term position spoke for itself.
You want to feel bullish and zoom out? Have a look at the BTC annual chart. He said it as part of the Twitter comments Dec. 31.
BTC/USD 1-month candle chart (Bitstamp). Source: TradingView
Minimum $100,000 by December 2022
PlanB, a quant analyst who is well-known for his stock-to-flow Bitcoin price models, was also in celebratory mood.
Related: Bitcoin could reach $333K “parabolically” if the BTC price fractal plays.
He noted that Bitcoin had risen 60% in USD terms by 2021. Stocks were at 27%, while gold was trailing with -4%.
Although it is not where he expected, BTC/USD continues to be true to stock-to flow’s allowed deviation and is on track to reach its predicted average price at $100,000 by 2024.
A survey that was conducted earlier in the week and which received almost 180,000 responses revealed that most respondents believe that Bitcoin will trade between $100,000 to $200,000.
Survey on Bitcoin Twitter Source: Twitter