According to Bloomberg analyst Mike McGlone, major cryptocurrencies such as Bitcoin (BTC) ed Ether (ETH) could reach new ATHs despite the poor performance of the last few months.
According to McGlove’s latest market analysis, released Thursday, BTC and ETH this year will head towards $ 100,000 and $ 5,000 respectively:
“A key point we see is the Federal Reserve, which is facing the largest inflation of the last 40 years, more inclined to raise interest rates if risk assets continue to rise.”
McGlove also predicted that BTC, ETH and US dollar-linked stablecoins will maintain dominance this year, while some “winners in 2021”, come Binance Coin (BNB) and Solana (SOL), “may end their temporary stay in the Top 5.”
The Fed’s possible interest hike in 2022 could support a win-win scenario for Bitcoin, which would perform better than the stock market:
“Crypto assets are some of the riskiest and most speculative, but the very first cryptocurrency is rapidly moving into the world’s reserve asset.”
Bloomberg Intelligence’s latest analysis follows McGlove’s previous similar predictions. In early December 2021, the analyst theorized that 2022 would be a good year for BTC and gold, anticipating their arrival. at $ 100,000 and $ 2,000 respectively. In the past he had predicted the approval of the first BTC ETFs in the United States.
McGlone is not alone in thinking that BTC could go as high as $ 100,000. In his latest investor note, Zach Pandl, co-head of global FX and EM strategy by Goldman Sachs, indicated that in the next 5 years Bitcoin could overwhelm 50% of the stock markets’ store of value and potentially exceed the price of $ 100,000, taking advantage of the gold stock market.
Related: Brock Pierce and Tom Lee aim for $ 200,000 per single BTC in 2022
At the time of writing, BTC is hovering around $ 41,600, down nearly 13% from last week. Bitcoin price started to fall after the Fed’s December FOMC, released Wednesday, in which it was unveiled that interest rates will be raised this year. The contraction of the market is also due to the protests in Kazakhstan, a nation that hosts a sizable percentage of BTC’s hash rate.
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