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Bloomberg Information analyst Mike McGlone shared his vision for the future of the cryptocurrency market. “We expect that the U.S. will accept cryptocurrencies in 2022, with proper regulation and related bullish price effects,” he elaborated. The analyst pointed out that “Bitcoin seems to be on the trajectory of $100,000” and we may see a “bully market of pauses, corrections, and updates”.
Crypto market outlook and Bitcoin price prediction
Bloomberg Information (BI) released its cryptocurrency outlook for 2022 Report last week. Mike McGlone, senior commodity strategist at BI, explained: “Incentives by the Chinese ban and the proliferation of revolutionary technologies such as crypto-dollars and non-fungible tokens (NFTs),”
We expect that the United States will accept cryptocurrencies in 2022, with appropriate regulation and related bullish price effects.
“The unlimited supply of fiat currencies should sustain price increases, especially in Bitcoin and Ethereum, where the supply is limited,” he added. “We expect wider adoption to prevail and overcome most volatility, such as a near 50% correction in 2021.”
In addition, “some normalization of stock market returns and continued declines in U.S. Treasury yields may affect Bitcoin and Ethereum in the portfolio,” McGraw pointed out.
The analyst further shared: “The key question facing Bitcoin towards the beginning of 2022 is whether it is reaching its peak or just a solid bull market. We believe it is the latter, and in such a world, the benchmark cryptocurrency is heading towards The development of the book as a global digital collateral. The key support level in 2022 may be around $50,000, and the resistance level will be around $100,000.”
McGraw describes:
Bitcoin seems to be on the trajectory of $100,000…The bull market of pauses, corrections and updates is how we see Bitcoin approaching 2022.
Regarding whether the price Bitcoin Will reach 100,000 US dollars, analysts emphasized: “We think this is more of a matter of time, especially due to the economic basis of increased demand and decreased supply.”
Do you agree with analysts’ cryptocurrency prospects and predictions? Please let us know in the comments section below.
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