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GLXY Stock Price Forecast for 2022.
Here we go again, another price update for GLXY stock. I am going to focus on the coming year and make some estimates.
I received some emails over the past months asking me a few things. Among the questions were where I disappeared to, and a bunch of other GLXY questions, including price predictions.
If you are new to GLXY stock and doing research, I have written numerous posts on Galaxy Digital going all the way back to 2019. I recommend reading this post and then go back to read the other posts I wrote about GLXY stock.
Side Note – I am not a professional, just a regular individual investor like you. I own GLXY and am very enthusiastic about the stock and crypto in general.
I am somewhat surprised that GLXY stock price is lagging the last bull run. I expected to be closer to the last all time high. The last time that Bitcoin was above $60k, GLXY went above $42 (Canadian dollars) a share. Bitcoin has now been well above $60k and GLXY just finally went over $30 a share a day ago, which also actually took longer than I expected. If you look at the chart below you can see the price from the last run earlier this year in April.
We are still almost $10 lower per share than the previous time Bitcoin was at this level. This is interesting since we have more going on now with the company and stock. Including the the new Galaxy ETF that is due to launch and the forthcoming up-listing that we are much closer to now than back in April.
In general, if Bitcoin is above $50k I would expect GLXY to be above $30. I expect GLXY should be closer to $38 – $40 right now where we currently stand. Not to mention that Ethereum and other crypto prices that are all up, many of which GLXY holds on its books. Bitcoin price should not be the sole driver with Galaxy but it does control almost everything right now, all these stock follow the price of BTC.
GLXY Stock Price Fundamentals
I like to look at other crypto stocks that are already trading on US exchanges. My GLXY price outlook is based on simple data and projections. You won’t find fancy formulas and charts here. I believe that crypto is still early for adoption and the price will keep rising, thus I also think that crypto stocks are still early and have a lot of upside potential.
When trying to make an educated guess for GLXY stock price I like to consider the following:
- How the stock has performed so far.
- Crypto market conditions.
- Growth potential for the company as a crypto investment bank.
- Other crypto stock prices and performance.
- The company investments, team, and products/platforms.
- Network and partners.
- Future Hype and Fomo for crypto stocks.
- Stock being added to ETFs.
- Value of their crypto assets and future appreciation.
- Potential unknowns, like new announcements.
So this is just the way I try and predict the 2022 price for GLXY Stock. Always do your own research and come to your own conclusions.
I will say this, I have never solely been focused on how much BTC they hold. That is a factor for me, but just one factor. Some people only focus only on how much bitcoin a company has, and I personally don’t focus just on that for a company like Galaxy Digital.
If you want a point by point, of what I like about GLXY Stock, then I suggest you go read my other Galaxy posts.
2022 GLXY Stock Price Outlook
Previously I wrote a prediction that I thought Galaxy Digital stock could go to $50 CAD this year. I still think that is possible as things stand now and I am surprised it has not yet happened.
I also said that if GLXY uplisted and is trading on a major US exchange and if Bitcoin goes above $75k, I believed that a possible high of $100 USD for GLXY Stock was possible. I still think that but I am updating that stock price outlook now below with some new numbers as $75k isn’t going to get us there.
Note that I mention both CAD and USD here because of how and where GLXY currently trades. It can get confusing when I am constantly switching between prices as I write.
I believe that a $50 CAD GLXY price will happen soon even if Bitcoin prices stay here between $50k – $60k range. GLXY has already been at $42 CAD this year. Galaxy Digital is making money and will continue to do so as the sector expands. They keep rolling out new services and are going to be a force in the future.
My GLXY Stock price outlook of $100 in 2022 could happen with the following conditions. BTC breaks the $100k price range AND if GLXY lists on a major US exchange. If you noticed I updated the BTC price from $75k to $100k. $75k is just too low a number, GLXY needs to uplist and also a serious bull run in the price of Bitcoin to get to that $100 level.
Also, this stock is volatile. BTC can drop only 3% and GLXY will drop 19% on the same day. If you are in crypto stocks expect to see these sorts of irrational swings. These stocks will probably always follow BTC to some degree but the buy and sell percent can be greater that Bitcoin. It can also take longer to recover the price. As these stocks become more entrenched as an asset class, and we add more ETFs and institutions the stocks should begin to stabilize. They will have price discovery and level off and become somewhat more rational. (if that is possible in crypto)
Too many people are undervaluing some of these stocks when Bitcoin has slight pullbacks and panic selling. Bitcoin could drop 20% and many of these crypto companies could still grow and pump out gains, just based off adoption, new customers and money entering the space. The new Bitcoin ETFs will also help propel the money flow and keep us growing.
Future GLXY Price Predictions
The sky is the limit if everything falls into place perfectly and Bitcoin hits some of those wild price predictions. Bloomberg posted a possible $400k price potential for Bitcoin.
So who knows where some of these crypto stocks could go to if those types of BTC prices are reached. From my view, it would be prudent for any investor to seriously be considering crypto related stocks as at least some part of their portfolio.
Crypto has had an amazing bull run over the past year, and so has the stock market. Even if the stock market corrects and cools down, I believe crypto could stay in a bull market. People have finally woken up, institutions are coming, and as the hottest asset class on the block it is where the money will go. Not to mention that Bitcoin seems to be taking over much of golds luster. People have started to pivot from Gold to Bitcoin as a portfolio hedge, and an inflation hedge.
Right now there is a lot of concern about inflation and the amount of money governments are printing.
So anyway, there it is, my updated price outlook for Galaxy Digital stock.
Do your own research, these are just my opinions. I am not a professional.
Got questions or comments, chime in below.