Analyst Mike McGlone with Bloomberg Intelligence has shared his outlook for the cryptocurrency market going forward. “We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications,” he detailed. Noting that “Bitcoin appears to be on a trajectory for $100,000,” the analyst added that we are likely to see “A paused, corrected and refreshed bull market.”

Crypto Market Outlook and Bitcoin’s Price Prediction

Bloomberg Intelligence (BI) published its 2022 crypto outlook report last week. “Incentivized through China’s ban, and the proliferation of revolutionary technology such as crypto dollars (NFTs), Mike McGlone, senior commodity strategist at BI, explained:

We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications.

” An unlimited supply of fiat currencies should support rising prices, particularly in bitcoin and other ethereums, which have a limited supply.” he said. “We expect wider adoption to prevail and overcome most wobbles, like 2021’s near 50% correction.”

McGlone added that there may be a normalization of stock-market returns, and a continuing decline in U.S. Treasury yield yields. “Bitcoin and Ethereum could shine in portfolios,” McGlone said.

The analyst further shared: “The key question facing bitcoin nearing the onset of 2022 is whether it’s peaking or simply a consolidating bull market. The analyst believes it is the latter and that the benchmark crypto is well on its way towards becoming global digital collateral in a world moving that direction. It’s likely to be about key support around $50,000 and $100,000 resistance in 2022.”

McGlone described:

Bitcoin appears to be on a trajectory for $100,000 … A paused, corrected and refreshed bull market is how we see bitcoin approaching 2022.

Regarding whether the price of BTC will hit $100K, the analyst emphasized: “We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.”

Do you agree with the analyst’s crypto outlook and prediction? Please let us know your thoughts in the comments below.

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