Bitcoin 2021 Review On-Chain Price Data

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Cycling On-Chain is a month­ly col­umn that uses on-chain and price-relat­ed data to bet­ter under­stand recent bit­coin mar­ket move­ments. This eighth edi­tion pro­vides a year in review for 2021 and then assess­es what cur­rent trends look like going into 2022.

A Year Of Modest Growth

The bit­coin price opened the year at $27,346 (on Krak­en) and actu­al­ly nev­er looked back. Hopes were very high, which was large­ly dri­ven by the insti­tu­tion­al fear of miss­ing out (FOMO) that Michael Say­lor and MicroS­trat­e­gy trig­gered, in com­bi­na­tion with PlanB’s Stock-to-Flow (S2F) and S2F Cross Asset (S2FX) mod­els that pre­dict­ed a price of around $100,000 and $288,000, respectively.

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