To say the past few months have been eventful would be an understatement. We've witnessed Kyle Langham's prediction of $17 USD ICP come and go. We've suffered a few cryptocurrency regulation scares, most recently with the European Union nearly passing a de facto ban on Bitcoin and Ethereum on March 14, 2022. And now, we're experiencing unprecedented global economic consequences due to the ongoing violence in Ukraine. It's hard to feel optimistic about what comes next.
At the time of writing, ICP is trading at $15.70 USD. In view of intensifying bear market trends, I'm frankly surprised ICP is not already in the $5 to $10 USD range. ICP price is holding its own right now against overwhelming downward pressure, but that's minimal comfort to investors who had hoped to start seeing profits this year.
Given the dismal state of current affairs, is there any room for hope for a prosperous 2022?
Here are my top 5 reasons for hope that the Internet Computer will outpace its competitors and ultimately succeed in 2022.
Top 5 Reasons for Hope
- Booming dApps and NFTs - New listings for exciting projects on Entreport are appearing everyday, and entirely new NFT marketplaces like Crowd-Created-Canvas (CCC) are blossoming.
- The Flood of Fresh Talent - Motoko Bootcamp has been a resounding success! 111 potential developers participated. To put that into perspective, in December 2021, the Internet Computer had 32 full-time developers, and Solana had 228 full-time developers. At the current rate, the Internet Computer may overtake its competitors by the end of 2022.
- Bustling Promotions & Outreach - Money is pouring into the Internet Computer because people recognize its vast potential and advantages over traditional API.
- Solid Fundamentals - I've said it before, and I'll repeat it: it's easy to spread FUD and make fun of ICP price action until you read about the actual technology. Many people have seriously misjudged the Internet Computer, and I think their wallets will come to regret it sooner rather than later.
- Growing Investor Confidence - Over the past few months, investors have continued to make noise about the growing interest in the Internet Computer. For example, on March 11, 2022, the Motley Fool named the Internet Computer among its top two cryptocurrencies to buy and hold, suggesting that 150x returns are not out of the question.
Despite my optimism, it's worth noting that ICP price likely has not yet reached its nadir. I expect things to get a lot worse before they get better - but they will get better! It will be a bumpy ride, but we will make it!
In the meantime, here's your short-term ICP price forecast.
Short Term Price Prediction
Over the next few weeks, ICP prices will likely continue to decline in view of geopolitical and economic uncertainties. Here's your current 30-day forecast using the AAA version of the Exponential Smoothing (ETS) algorithm on the past 90 days of ICP price data, accounting for seasonality.
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