Synopsis
In July, crypto assets bottomed and stabilized after heavy losses, but we think crypto winter is here to stay. Therefore, we model an average BTC price of $35K in 2022 and $25K in 2023 under the bear case scenario. At the same time, we forecast that the average BTC price will reach $45K in 2025 and $50K in 2026.
Key TakeawayBitcoin’s price dropped ~50% year-to-date and has since bottomed in the lows ~$18Ks, a ~75% drawdown from BTC’s all-time high in 2021. We had seen a massive wave of margin calls when investors, crypto mining companies, banks, and hedge funds were forced to liquidate positions in cryptocurrencies while the crypto market has lost ~$2 trillion in value for the last three months. The collapse of algorithmic stablecoins, crypto hedge
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