Crypto Briefing 2/8/22 - The Forecast

Crypto Briefing 2/8/22

Crypto Briefing 2/8/22

Over the past few days we have seen a powerful bounce in Bitcoin, lifting up the entire crypto market as a consequence. We expect to see more volatility near term as Bitcoin trends upwards into early March. It is possible that Bitcoin retraces below $40,000 due to geopolitical changes and other macro developments. However, if Bitcoin breaks $50,000 before March 1, then new all-time highs will likely follow shortly afterwards.

One of our favorite altcoins, XRP, has also seen a powerful rally, rising over 25% in a day. When XRP starts to break out of the $1.90 range, it will reach its previous all-time highs extremely quickly. For reference, in just a matter of weeks, XRP went from $0.15 all the way up to $3.80 in 2017. We believe that altcoins will move in two waves this year, the first being in the early spring, and the second wave occurring in the fall. If XRP is able to reach $10 within the next few months, $25 is on the table for Q4 of 2022.

Hedera Hashgraph recently announced the addition of Ubisoft to its governance council. This improvement led to a short term price spike, but HBAR still remains extremely undervalued. The governing council is a group of some of the world’s most renowned and established organizations, which all have a say in how Hedera is governed. These organizations consist of Google, Boeing, LG, Deutsche Telekom, and many more. Unlike networks such as Ethereum, Hedera provides quick and cheap transaction fees. Additionally, you are able to create decentralized applications on the network, which will help drive additional adoption. Over the long term, we feel that Hedera will be a major player in the smart contract space, alongside Ethereum and Casper. Our price target for Hedera is $3 to $5 by the end of 2022. While there are better trading positions you can establish in crypto, Hedera should constitute a portion of any serious investor’s portfolio.