Bitcoin Might Just Survive these Last Two Months of 2022!

Only two months of 2022 are left and experts feel Bitcoin might just survive to the next year

On July 25, 2021, Bitcoin witnessed a 5% jump. It was in the mid-$30,000s range at the time, but by November it had reached an all-time high of around $68,000. A similar thing happened when this year on October 25, Bitcoin started at $19,808.06, got as high as $20,176 during the hour, and was at $20,126.20 at 2 p.m. ET. The low in that hour was also $19,808.06 – an only-go-up hour.

Granted, this move wasn't as big as July 2021 one, but it raised eyebrows nonetheless. I'm also not implying that past performance indicates future results, so characterizing this one hour of price movement as the start of another run-up to all-time highs would be premature. But let's face it, the bitcoin market has been pretty boring and last week was anything but. Not just because of the move up, but also because it happened in spite of last week's dismal performance of big technology stocks.

Bitcoin's shortcomings stem from a string of bad economic news over the last couple of months, which has been turning market sentiment to the downside, including the most recent inflation data. Despite those price declines, bitcoin has fared better than other assets in recent weeks, including stocks, gold, the European Euro, the Japanese Yen, the Chinese Yuan, and the British pound.

Bitcoin's recent resiliency, compared to other assets over the last month, could be because the token is becoming an excellent conduit for U.S. dollars as other currencies buckle, or it could be that long-term crypto investors remain unfazed by recent wallops to the U.S. economy, according to experts. In any case, bitcoin's price remains low but is holding steady while other assets tank; the token's price is down by more than 60% compared to the start of the year.

In light of poor stock performance versus relatively stable crypto performance, some are wondering if crypto is showing signs that it'll stop following the stock market. Experts aren't sure that's the case, at least not yet. While the correlation between stock and crypto prices has loosened in recent weeks, experts say crypto needs more time before it breaks away.

And although bitcoin is holding steady, it's not out of the woods yet. The end of the year is stacked with events that could shift the tides, including the midterm election, inflation reports, Federal Reserve meetings, and a potential peak in U.S. dollar strength. The world is still reeling from the effects of Russia's invasion of Ukraine.