It may sound crazy, but some people believe that the crypto winter will end with a bang with Bitcoin reaching $100K. Some experts even believe that they can buy a Lambo for 1 BTC by the end of 2022 which is fantastical due to many reasons. One of them is that all Lambos until 2023 is already sold out to crypto millionaires. If the price reaches such heights, the number of people who want to get into the queue will most certainly grow substantially.
BTC has been struggling just like any other asset. Even traditionally safe assets have been performing poorly. In certain regions of the world, people use crypto coins to hedge against risks related to their national fiat currencies losing value. BTC is holding on just fine compared to the rest of the crypto world. Note that many assets lost up to 60% in value and even more as many institutionalized investors are moving away from speculative financial instruments.
At the same time, tokens with stronger fundamentals like Bitcoin and Ethereum managed to stay strong. Ethereum traders even rallied to boost the price up to the $2000 resistance level in the middle of August. The temporary craze was caused by the announcement of the merge date (the merge with the Beacon chain) which will occur on September 15.
Bitcoin just recently dipped below $20K which was welcomed by the r/bitcoin community comprised of people following a very simple principle of buying low and never selling. If the $20K mark is the new low, we can expect that Bitcoin will recover, but it likely won’t happen until the world finally gets out of the recession.
$100K is more of a meme than an objective reality. A surge in ETH price after the merge (if it happens at all) may positively affect the whole industry and prop up BTC to start gaining bullish momentum, but making 5x growth by the end of 2022 (in less than 3 months) seems to be a pinch of copium that some users of online communities pass around.