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 Price Prediction
Bloomberg Intelligence (BI) released its Crypto Outlook 2022 report last week. “Encouraged by China’s ban and the proliferation of breakthrough technologies such as crypto-dollars and non-fungible tokens (NFT),” explained Mike McGlone, BI’s Senior Commodities Strategist:
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 support rising prices, especially in bitcoin and ethereum, which have a limited supply,” he added. “We expect wider adoption to win out and overcome most of the swings, like the nearly 50% correction in 2021.”
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.
McGlone described:
Bitcoin appears to be on a $ 100,000 path… 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.”
