Analyst Mike McGlone has shared his thoughts on the future of the cryptocurrency market. “We anticipate that the United States will embrace cryptocurrencies in 2022, with proper regulation and associated bullish price implications,” he explained. Noting that “Bitcoin appears to be on a path to $100,000,” the analyst predicts “a paused, corrected, and refreshed bull market.”
Bitcoin Price Prediction and Crypto Market Outlook
Last week, “Incentivized by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs),” according to BI senior commodity strategist Mike McGlone:
We anticipate that the United States will embrace cryptocurrencies in 2022, with proper regulation and associated bullish price implications.
“The infinite supply of fiat currency should support rising prices, particularly in bitcoin and ethereum, which have limited supply,” he added. “We expect wider adoption to prevail and overcome most hiccups, such as 2021’s near 50% correction.”
Furthermore, “some normalization in stock-market returns and a continued decline in US Treasury bond yields may shine on Bitcoin and Ethereum in portfolios,” McGlone observed.
“The key question facing bitcoin nearing the start of 2022 is whether it’s peaking or simply a consolidating bull market,” the analyst added. We believe it is the latter, and believe the benchmark cryptocurrency is well on its way to becoming global digital collateral in a world headed in that direction. In 2022, it is likely to be about key support around $50,000 and $100,000 resistance.”
Bitcoin appears to be on a path to $100,000… We see bitcoin approaching 2022 as a paused, corrected, and refreshed bull market.
In terms of whether Bitcoin will reach $100,000, the analyst stated, “We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.”