A Refreshed Crypto Bull Market in 2022, Bloomberg Reports
Bloomberg Intelligence Analyst Mike McGlone has shared his crypto outlook for 2022 in his firm’s latest crypto report.
McGlone is confident that Bitcoin is on an upward trajectory, “incentivized by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs).”
He said:
“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.
We expect wider adoption to prevail and overcome most wobbles, like 2021’s near 50% correction.”
Furthermore, the Bloomberg researcher noted:
“Some normalization in stock-market returns and a continued decline in U.S. Treasury bond yields may shine on Bitcoin and Ethereum in portfolios.
“The key question facing bitcoin nearing the onset of 2022”, McGlone noted, “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.”
McGlone concluded that Bitcoin hitting $100,000 is not a matter of “if”, but rather “when”. Put simply he said:
“We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.
Bitcoin appears to be on a trajectory for $100,000 … A paused, corrected and refreshed bull market is how we see bitcoin approaching 2022.”
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Source: igaming
