Bitcoin 2022 Price Prediction: Slowly Crashing This 2022 Under $40,000; Jack Dorsey Building Own Mining in Block

Bitcoin price reached an all-time high of $51,800 just three days after Christmas last year.

However, the world’s largest cryptocurrency, Bitcoin, is now priced at $42,675, according to CoinMarketCap. This price crash was the lowest in more than three months now.

Since September 2021, the bitcoin price is now trading at its lowest value.

Bitcoin price prediction 2022

Forbes reported that StockCharts.com’s chief technical analyst, Julius de Kempener, cited the latest bitcoin crash as an excellent example that provided further evidence of bitcoin’s bearish trend.

As for the Bitcoin price prediction 2022, Kempenaer stated that after completing a double top formation on the break below 60K, a drop below 45500 reinforced the deflation in BTC.

Then he also added that the break below 45.5K led to a further decline and a test of the next support level around 40K in the cryptocurrency price.

In addition, Valkyrie Investments Head of Research, Josh Olszewicz, also commented on the recent downtrend in the Bitcoin markets.

He explained that the risk-related price spike scenarios and fears are now driving bearish market action, shifting these moving averages from neutral to bearish as price direction measurements, such as lower time moving averages, have gone from very bullish to neutral ones.

Jack Dorsey block

Meanwhile, as mentioned on Cryptopotato, Jack Dorsey, the co-founder of Twitter and CEO of Block, has always expressed his support for Bitcoin for a long time.

However, he also expressed why his company’s Bitcoin ASIC (Application Specific Integrated Circuit) project was needed and what it could mean for the future of the BTC network.

The CEO emphasized the need for Bitcoin mining to be more decentralized and energy efficient in a post from October 2021.

Block’s research aims to address the long-standing energy issues that have plagued cryptocurrency mining.

It is known that Block is now aiming to build more efficient computer chips and power structures that will be more beneficial to all miners who can rely solely on renewable energy sources.

Read alsoUpcoming Crypto Airdrops 2022: Terra, Ripple, and More Airdrops Coming!

Bitcoin mining in the block

Speculation that Dorsey is creating a new Bitcoin mining chip in the Block is due to a LinkedIn post that was made.

Formerly known as Square, Block is a San Francisco-based financial services group.

The company is looking to hire a creative leader in digital design to join the team that will help build the “next generation” of microchips used for bitcoin mining, according to a recent job offer on LinkedIn.

Jack Dorsey discussed the main features of his vision to be included in an open source bitcoin mining platform based on custom silicon.

He touched on the points where he said cryptocurrency mining should be more distributed, more efficient, and more accessible.

Dorsey also added that silicon design is too focused in a few companies, making the offer overly restrictive and noting that there is not enough focus on vertical integration

As reported by Benzinga, the surge in ASIC prices is a result of the increasing demand for Bitcoin mining, overstretched supply chains, and a global shortage of chips.

According to Zack Voell of Compass Mining, ASIC pricing will follow Bitcoin’s price in whatever direction it goes.

For example, ASIC prices rose more than 25% at the beginning of the third quarter of 2021.

Ultimately, Dorsey wants to make bitcoin mining more accessible to everyone through Block’s bitcoin mining infrastructure. Because he believes bitcoin mining should be as simple as plugging the gear into a power source.

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