Analyst Mike McGlone with Bloomberg Intelligence has shared his outlook for the cryptocurrency market going forward. “We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications,” he detailed. Noting that “Bitcoin appears to be on a trajectory for $100,000,” the analyst added that we are likely to see “A paused, corrected and refreshed bull market.”
Crypto Market Outlook and Bitcoin’s Price Prediction
Bloomberg Intelligence (BI) published its 2022 crypto outlook report last week. “Incentivized by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs),” BI senior commodity strategist Mike McGlone explained:
We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications.
“The unlimited supply of fiat currency should sustain rising prices, notably in bitcoin and ethereum, which have limited supply,” he added. “We expect wider adoption to prevail and overcome most wobbles, like 2021’s near 50% correction.”
Furthermore, “Some normalization in stock-market returns and a continued decline in U.S. Treasury bond yields may shine on Bitcoin and Ethereum in portfolios,” McGlone noted.
The analyst further shared: “The key question facing bitcoin nearing the onset of 2022 is whether it’s peaking or simply a consolidating bull market. We believe it’s the latter, and see the benchmark crypto well on its way to becoming global digital collateral in a world going that way. It’s likely to be about key support around $50,000 and $100,000 resistance in 2022.”
Bitcoin appears to be on a trajectory for $100,000 … A paused, corrected and refreshed bull market is how we see bitcoin approaching 2022.
Regarding whether the price of BTC will hit $100K, the analyst emphasized: “We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.”