Analyst expects the US to adopt crypto with adequate regulation in 2022 – sees “refreshed” Bitcoin bull market – markets and prices Bitcoin News
Bloomberg Intelligence analyst Mike McGlone has shared his outlook for the cryptocurrency market going forward. “We expect the US to adopt cryptocurrencies in 2022, with proper regulation and the associated bullish ramifications,” he said. The analyst stated that “Bitcoin appears to be trading at $ 100,000,” the analyst added, adding that we are likely to see “a paused, corrected, and refreshed bull market.”
Outlook on the crypto market and the price prediction of Bitcoin
Bloomberg Intelligence (BI) released its 2022 Crypto Outlook Report last week. “Incentive from China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs),” said Mike McGlone, BI chief commodities strategist:
We expect the US to adopt cryptocurrencies in 2022, with proper regulation and the bullish ramifications that come with it.
“The unlimited supply of fiat currency should keep prices rising, especially Bitcoin and Ethereum, which have limited supply,” he added. “We assume that broader acceptance will prevail and overcome most of the wobbles, such as the correction of almost 50% in 2021.”
Additionally, “some normalization in stock market returns and a sustained decline in US Treasury bond yields on Bitcoin and Ethereum could shine in portfolios,” noted McGlone.
The analyst went on to say, “The key question that Bitcoin is facing near the start of 2022 is whether it will peak or just a consolidating bull market. We believe it is the latter and see benchmark crypto on its way to becoming global digital security in a world that is evolving in this direction. It will likely be about a major support of $ 50,000 and a resistance of $ 100,000 in 2022. “
McGlone described:
Bitcoin appears to be trading at $ 100,000 … A paused, corrected, and refreshed bull market is as we see Bitcoin approaching 2022.
Regarding whether the price of BTC will reach USD 100,000, the analyst emphasized, “We see this more as a matter of time, especially given the economic fundamentals of increasing demand vs. decreasing supply.”
Do you agree with the analyst’s crypto outlook and forecast? Let us know in the comment section below.
Kevin Helms
Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments are closed.