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Bitcoin & Ethereum Will Be Worth $100k & $5k Atleast By 2022 - Bloomberg Analysis.
2022-01-08 | Daniel Smith
Notwithstanding falling to multi-month lows, prominent cryptos such as Bitcoin (BTC) as well as Ether (ETH) are expected to reach fresh all-time highs in 2022, as per a Bloomberg analyst.
As per Bloomberg Intelligence analyst, Mike McGlone's newest market study released on Thursday, BTC as well as ETH will reach $100,000 and $5,000, correspondingly, this year.
McGlone also projected that BTC, Ether, and US-pegged stablecoins would continue to dominate in 2022, but several of the leading 2021 victors, such as Binance Coin (BNB) as well as Solana (SOL), "may stop the trend of transitory guests amongst the leading five."
As per analysts, predictions for Fed. Rate rises in 2022 might promote a "win-win situation" for Bitcoin vs. the stock market, with BTC probably obtaining an "advantage" this year over equities.
McGlone's earlier estimates were identical to the current Bloomberg Intelligence research. Earlier in December 2021, the expert anticipated that 2022 will be an excellent year for both Bitcoin and gold, with each reaching $100,000 and $2,000, correspondingly. Earlier, he correctly predicted that the first Bitcoin exchange-traded fund will be approved in the United States in October 2021.
McGlone is not the only one believing that Bitcoin may reach $100,000. Goldman Sachs co-head of world FX and EM strategy Zach Pandl indicated in a recent letter to traders that Bitcoin may grab 50 percent of the store of value market share during the coming five years, with the BTC price possibly rising above $100,000 by capitalizing on gold's market share.
As per CoinGecko statistics, BTC is currently trading at $41,873, down almost 11% in the last seven days. As reported earlier, BTC began to fall after the Fed's December FOMC meeting on Wednesday revealed that the regulator was determined to raise interest rates in 2022. The market has indeed shrunk as a result of internet disruptions in Kazakhstan as a result of regional anti-government rallies.
