Second Half of 2022 Will See Bitcoin Rebound, According to Bloomberg Analyst
According to Mike McGlone, a senior commodities analyst at Bloomberg, the cost of Bitcoin will rise in the second half of 2022. This may be a sign that the price of bitcoin is about to increase this year. Bitcoin prices are significantly harder to forecast and more subject to market forces than those of other well-known asset classes because of the uncertainty and recent price decline.
Bitcoin’s price quadrupled in 2021, but in January 2022 it saw a dramatic collapse that almost entirely undid the gains earned the year before. Due to market fluctuations, BTC is now still well behind its all-time high price of $68,000 in November. Even throughout the last six months, Bitcoin’s price has only sporadically surpassed $45,000. In contrast to other cryptocurrencies, Bitcoin has a substantially longer history. Despite price fluctuations, BTC is still worth far more than it was a few years ago.
According to McGlone, when the bear market bottomed in 2018, there was a big rebound in the first quarter of 2019 that may have paralleled the current signs. For instance, Sussex University’s Carol Alexander, a professor of finance, believes that Bitcoin will reach a low of $10,000 in 2022, wiping away the majority of its gains from the preceding 15 months. Well, when it comes to cryptocurrency forecasts, there is no real agreement. Various market analysts predict that the price of BTC will hit $100,000 by the end of 2023, while others predict it will happen in the first quarter of 2022. Others anticipate that BTC will only increase to $70,000 at most in 2022.