Bitcoin will return in the second half of 2022, says Bloomberg analyst
Mike McGlone, a senior commodity analyst at Bloomberg, tracks an increase in the price of Bitcoin in the second half of 2022. This indicates that the price of BTC can prepare for a positive comeback this year.
Compared to more well-known asset types, bitcoin prices are significantly more difficult to predict and more sensitive to market forces due to the uncertainty and the recent price decline.
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In 2021, the price of bitcoin doubled, but in January 2022 it saw a significant decline that almost completely reversed the gain the year before.
For the time being, BTC is well behind its record high price of $ 68,000 in November due to ups and downs in the market. Even in the last six months, Bitcoin has only briefly risen above $ 45,000.
In comparison, Bitcoin has a significantly longer track record than other cryptocurrencies. But with price variations, BTC is still worth more than twice as much as it was just a few years ago.
Mike McGlone’s tips for Bitcoin’s price
McGlone shared his views Twitter July 6, pointing to encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data. He states that:
With the Bloomberg Galaxy Crypto index approaching a similar decline as the 2018 bottom and the #Bitcoins discount to its 50- and 100-week moving averages similar to previous foundations, risk tilts vs. reward against responsive investors in 2H.
BGCI, a benchmark, tracks the significant cryptocurrencies traded in dollars. In addition to co-branding Galaxy Digital Capital Management, Bloomberg owns and is responsible for the administration of the index.
In McGlone’s opinion, the bottom of the bear market in 2018 was followed by a significant comeback in the first half of 2019, perhaps in parallel with current indications.
July 4 in its Bitcoin prediction chirpingMcGlone stated that the 75 bps increase in June could be the last if stocks continue to fall at the same rate as they did in the first half of the year.
In its 6th July chirpinghe claimed that given the current low price beginning in the second half of the year, Bitcoin may experience one of its biggest bull markets yet.
Or the crypto may be a failed experiment becoming redundant, such as # crude oil. Our bias is that Bitcoin adoption is more likely to continue to increase.
Other analysts’ predictions for Bitcoin
Some hostile cryptocurrency critics expect Bitcoin to crash below $ 10,000 by 2022. However, a more appropriate position might be to believe that the cryptocurrency could still rise to $ 100,000, as many experts predicted at the end of last year.
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As, Professor of Finance Carol Alexander of Sussex University predicts that BTC will fall to a low of $ 10,000 by 2022, wiping out most of the gains over the past 15 months.
Well, there is no clear consensus when it comes to crypto predictions. Some market analysts believe that BTC will reach a price of $ 100,000 by the end of 2023, while others say it will only take until the first quarter of 2022. Still, other predictors say that at most in 2022, BTC will not rise above $ 70,000.
Featured image from Flickr, chart from Tradingview.com
