Mike McGlone, chief commodity analyst at Bloomberg, Expect Bitcoin price hike in the second half of 2022. This indicates that the bitcoin price may be preparing for a positive comeback this year.
Compared to the more popular asset types, bitcoin prices are more difficult to predict and more sensitive to market forces due to the uncertainty and recent price drop.
In 2021, the price of bitcoin doubled, but in January 2022, it experienced a significant decline that almost completely reversed the gains made in the previous year.
At the moment, BTC is still trailing its all-time high of $68,000 in November due to the ups and downs in the market. Even over the past six months, bitcoin has briefly risen above $45,000.
In comparison, Bitcoin has a much longer track record than other cryptocurrencies. However, with prices varying, BTC is still more than twice as valuable as it was just a few years ago.
Mike McGlone Advice on Bitcoin Price
McGlone shared his thoughts on Twitter on July 6, citing encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data. She reported:
With the Bloomberg Galaxy Crypto Index approaching a similar pullback to the 2018 low and #Bitcoin discounting to its 50- and 100-week moving averages similar to previous institutions, risk versus reward is skewed towards responsive investors in the 2H.
The BGCI index, a benchmark, tracks the important cryptocurrencies traded in dollars. In addition to owning the co-branding of Galaxy Digital Capital Management, Bloomberg has responsibility for managing the index.
In McGlone’s view, the bottom of the 2018 bear market was followed by a big comeback in the first half of 2019, perhaps in tandem with current indicators.
On July 4, in his Bitcoin predictions tweetMcGlone said the 75 basis point increase in June could be the last if stocks continue to fall at the same rate they did in the first half of the year.
In his book The Sixth of July tweetHe emphasized that given its current low price that started in the second half of the year, Bitcoin could face one of its biggest bull markets to date.
Or the cryptocurrency may be a failed experiment in the process of making it redundant, like #crudeoil. Our bias is that Bitcoin adoption is likely to continue rising.
Expect other Bitcoin analysts
Some hostile cryptocurrency critics predict that Bitcoin will crash below $10,000 in 2022. However, the most appropriate position might be to believe that the cryptocurrency could rise to $100,000, as many experts predicted at the end of last year.
Like, Professor of Finance Carol Alexander from the University of Sussex predicts that BTC will drop to as low as $10,000 in 2022, erasing most of its gains over the past 15 months.
Well, there is no clear consensus when it comes to cryptocurrency predictions. Some market analysts believe that BTC will reach $100,000 by the end of 2023, while others say it will only take until the first quarter of 2022. However, other forecasters say that in 2022 at the latest, BTC will not rise above $70,000.
Featured image from Flickr, chart from Tradingview.com