Canadian businessman and Shark Tank host Kevin O’Leary believe Bitcoin will not rise above $22,000 in 2022. The millionaire opined during the Converge 22 conference in San Francisco that BTC will struggle to get past $22K without regulatory clarity. He added that wealth funds have burned their hands investing in Bitcoin and are rethinking their investment plans. CDPQ, Canada’s largest pension manager reported a $26 billion loss that was 7.9% of their portfolio due to Celsius investment in Bitcoin.
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Many other equity funds have suffered losses with Bitcoin this year due to the strong hold of the bear markets. In July of this year, the Securities and Exchange Commission (SEC) warned both retail and institutional investors to pursue digital assets. Kevin revealed at the conference that he is confident that equity funds will not go against the SEC and slowly pull out of the crypto markets.
“Bitcoin will not go above $22,000 until we have regulation. No major sovereign wealth fund will go against the SEC,” he said.
According to Kevin, Bitcoin will only top $22,000 this year after wealth funds have shown confidence in Bitcoin again. He added that BTC needs to convince pension funds, and institutional adopters, to even consider going above $30,000.
The Shark Tank host stated that Bitcoin and the crypto industry have not yet achieved an affinity with institutional adopters. Therefore, BTC will find it difficult to push back and trade above $22,000, he predicted.
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Bitcoin and the $22,000 Levels
BTC has been rejected at $22,000 for a month and has been unable to rise above $25,000 since June. BTC fell below $20K in mid-June, reaching $24K levels three times before pulling back. The king crypto is still below $20K today and investors think it could crash further.
The crypto markets have fallen for nine straight months, leaving the bulls with no legs to stand on. Developments suggested that Kevin O’Leary’s prediction could turn out to be true, as a bull run is far from in sight.
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At the time of writing, Bitcoin was trading at $19,547 and is up 4.4% in 24-hour trading. BTC is down 71.6% from its all-time high of $69,044, which it reached in November last year.