A senior commodity analyst at Bloomberg, Mike McGlone, believes that the evolution of BTC could take it over 100K this year. A Bitcoin equaling the echelon Gold currently occupies could tip the market in favor of the leading cryptocurrency and other digital assets.
Uptrend in 2022?
The outlook visualized by the analyst contemplates a “favorable” performance for the price of the leading cryptocurrency. He considers that the situation facing BTC will result in a movement that places the price above $100,000.
For this vision, Mike McGlone takes into account the recent evolution of the crypto world. Although prices lost ground, there could be a stage bullish that draws the attention of more investors.
Based on how accepted Bitcoin is today, McGlone believes that this currency is in a “unique phase”, a period of “transition”. He bets that both BTC and ETH expect market consolidation to take off this year.
Bitcoin as a reference value
He alluded to the course where the risk asset replaces Gold as the most stable asset in the world. He commented that the cryptocurrency is transforming from a “risk-to-risk global digital store of value, replacing gold and becoming a global security.”
In addition to this, he clarified that a not so “safe” environment is observed for the performance of the proposed revaluation. He acknowledged that there is a lot of speculative activity around the crypto market, which would prevent the evolution from continuing.
However, he supports the idea of crypto being a benchmark value by keeping in mind the benefits of blockchain technology.
It does not rule out the fact that smart contracts, non-fungible tokens (NFTs) and other features of the crypto field will grow the market. Mike McGlone is bullish on Bitcoin, despite hiccups caused by inflation.
The adjustments related to the interest rates of the central banks (to face said inflation), would unbalance the cryptocurrencies. An accurate change in monetary policies would create some preferences for buying bonds, instead of crypto.