Bloomberg Intelligence analyst Mike McGlone has given his prediction for the future of cryptocurrency markets.
“We expect the United States to embrace cryptocurrencies in 2022 with proper regulation and the resulting bullish price consequences.”
Analysts predicted “a slow-down, rectified, and re-energized price growth” after stating that “Bitcoin appears to be moving towards a price towards $100,000.”
This week, Bloomberg Intelligence released its 2022 crypto forecast report. “Incentivized due to China’s cryptocurrency regulations and the rapid rise of new technology, such as crypto dollars and non-fungible tokens (NFTs)” according to BI senior commodity strategist Mike McGlone.
“The unlimited supply of fiat currencies could promote growing prices,” he noted, “particularly with bitcoin and ethereum, which have a restricted quantity.” “We believe that broader acceptability will survive any issues, such as the roughly 50% correction in 2021.”
“Some normalization in stock-market returns, as well as a persistent reduction in U.S. Treasury bond yields,” McGlone added, “may shine through on Bitcoin and Ethereum as portfolio alternatives.”
In addition, the Analyst stated: “The fundamental question facing bitcoin in 2022 is whether it is at a top or simply in the midst of a consolidating bull market. We believe it is the latter, and we believe that the most popular cryptocurrency is on its way to becoming a worldwide electronic collateral inside a global economy that is moving in this direction. Throughout 2022, it’s anticipated to reach critical support of $50,000 or 100,000.”
Regarding the question of the possibility that Bitcoin will surpass $100,000, analyst said: “Bitcoin price will hit 100,000. We see it more in the near future , in particular due to the fundamental economic reasons for increasing demand and decreasing supply. “